Investment banking

Credit Suisse Group is shifting resources in the pursuit of business from a broader range of rich clients, as the lender focuses more on wealth management amid cuts to its troubled investment bank. 

The cuts are among the first under new CEO Kentaro Okuda, who since taking the reins has said an existing $1.3 billion restructuring plan is no longer enough.

Fixed-income trading revenue almost tripled, driving a 73% jump in total trading that surged past expectations.

Job listings for roles that don’t need to be filled immediately will be pulled.

The unit was awarded a bonus pool that’s 5%-10% larger than last year, reflecting increased profits and assets, people familiar with the matter say.

Wealth management is playing an ever bigger role at the firm, which aims to add a million new clients in the coming years.

The firm is building the top ranks of the investment bank even as it removes managing directors from its key wealth management business as part of a broad overhaul instigated by new co-head Iqbal Khan.

Other firms have trod a similar expansion path — and stumbled. Will Laidlaw find its footing?

The bank has been investing in electronic technology and sharpening its focus on trade execution, trying to unseat Morgan Stanley as Wall Street’s top stock-trading shop.