Credit Suisse takes axe to securitization and distressed, as ‘surprising’ positions unveiled

Guenter Bolzern, www.bolzern.tv

Credit Suisse will shrink its global markets business even faster than previously planned, shutting several desks entirely, including European securitization trading, distressed credit, and long-term illiquid funding. The bank wants to shrink its trading unit to $60bn of risk-weighted assets before the end of the year, rather than $83bn-$85bn as previously announced.