New York: Credit Suisse is mulling a plan to spin off part of its fixed income business in the United States in order to help trim costs, according to a report in the Financial Times yesterday.
The Swiss bank is considering selling a stake in its subsidiary Wake USA — an electronic market for US government bonds that it started with a high-speed trading group Tower Research — the Financial Times said, citing unnamed sources familiar with the bank’s thinking.
A Credit Suisse spokesman did not immediately respond to a request seeking comment.
The report in the Financial Times also said that regulatory pressures and a sharp fall in fixed income trading revenues besetting banks have prompted Credit Suisse to consider the move.
Reuters
