Shared Services, Credit Suisse, Transformation, Reorganization
Shared Services key to Credit Suisse's transformation
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Over the past 12 months, Credit Suisse Group has been working to reorganize its current business units into three distinct areas: Investment Banking, Private Banking and Asset Management. A dedicated Shared Services area will deliver support services to these three divisions. The new integrated bank will be operational from January 1, 2006.
Credit Suisse Group recently met institutional investors and sell-side analysts in London to update them on the progress it has made as part of its strategy to create an integrated global bank. The Group will set out its plans to target additional net income benefits of around CHF 1.0 billion (USD 760 million) in 2008. The presentations can be followed live on the Internet from 10:30 CET (09:30 GMT).
In 2008, Credit Suisse expects to generate total pre-tax synergy benefits of CHF 1.3 billion, including pre-tax cost savings of CHF 600 million and, subject to market conditions, gross revenue synergies of CHF 1.2 billion, offset by additional revenue-related pre-tax costs of CHF 520 million. This would result in a positive net income benefit of around CHF 1.0 billion.
Overall cost savings are expected mainly in the areas of information technology, supply management and real estate and services. In 2007, cost savings after implementation costs, primarily relating to systems, branding, property and infrastructure associated with integrating the global bank structure, are expected to total around CHF 250 million pre-tax.
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