Credit Suisse Splitting Main Wealth Unit Into 7 Regions: Bloomberg

(RTTNews) - Swiss banking giant Credit Suisse Group AG (CS) is breaking up its international wealth-management unit into seven regions from four, Bloomberg reported, citing people briefed on the matter.

The move is said to be another push by Chief Executive Officer Tidjane Thiam to regionalize the bank.

The international wealth-management unit led by Iqbal Khan will give the regions more autonomy to make decisions and each will have its own management. The seven regions include Latin America, Brazil, Western Europe, Southern Europe, the Middle East, Africa, and Central and Eastern Europe.

The company is expected to make an announcement about the split, dubbed "Project Momentum," as early as this week.

Thiam created the international wealth-management unit in 2015, when he took the helm at Credit Suisse. The unit's adjusted pretax profit increased 50 percent since and is on track to reach a target of 1.8 billion francs or $1.81 billion by year-end.