Who says one man can’t make a difference – Credit Suisse’s Losses Deepen, Threatening Overhaul

Bill Hwang took it all down. That man is a legend.

Credit Suisse Group AG CS 3.81%increase; green up pointing triangle reported a fifth consecutive quarterly loss and faced a $100 billion torrent of withdrawals from the rich customers who sit at the core of the bank’s turnaround strategy.

On Thursday, it said it would pay $175 million for Klein Group LLC, the investment banking business of M. Klein & Co. LLC, as part of a plan to spin off its capital-markets and advisory business under the name CS First Boston. Michael Klein, formerly a member of Credit Suisse CS 3.81%increase; green up pointing triangle‘s supervisory board, will join Credit Suisse’s executive board and lead the new company.

WSJ

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h/t greenskew

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