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Report: Credit Suisse breaking up wealth management unit into 7 regions

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Report: Credit Suisse breaking up wealth management unit into 7 regions

Credit Suisse Group AG is splitting its international wealth management division into seven regions — Latin America, Brazil, Western Europe, Southern Europe, the Middle East, Africa and Central and Eastern Europe — from four as part of CEO Tidjane Thiam's push to regionalize the Swiss lender, Bloomberg News reported, citing people briefed on the matter.

Each region will have its own management following the split, dubbed "Project Momentum," which will give the regions more autonomy in decision making, the sources told the newswire.

The bank could make an announcement on the move as early as this week, the sources added.

Credit Suisse is nearing the end of a three-year restructuring process geared toward shifting the lender's focus to wealth management from investment banking services, Bloomberg said.