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Report: Credit Suisse gears up for launch of new business unit

Credit Suisse Group AG plans to bundle its sales and trading services and global markets solutions division into a new unit, called International Trading Solution, which will launch in July, finews.ch reported June 2, citing an internal memo.

The new unit will serve high-net-worth clients from Credit Suisse's international wealth management and Swiss universal bank operations. The merging of functions is aimed at creating cost synergies and expanding the distribution channel of Credit Suisse's investment banking business, according to the document obtained by finews.ch.

The new business division will be co-headed by Yves-Alain Sommerhalder and Mike Stewart. Sommerhalder is acting head of the sales and trading services unit and has been with Credit Suisse since 2002. Stewart will join Credit Suisse from UBS Group AG in July and will be based in New York; he will also serve as head of equities in the global markets investment banking unit.

Both will report directly to Brian Chin, CEO of Credit Suisse's general markets division, and Iqbal Khan, CEO of the international wealth management division. The new unit will not be overseen by Thomas Gottstein, CEO of the Swiss universal bank arm, for regulatory reasons, according to the memo.