Credit Suisse to update on strategy in October
Credit Suisse has said that it will give an update on its corporate strategy, along with the publication of its 3Q-15 results on October 21st. This is expected to unveil the key changes to be carried out by the bank's new CEO, Tidjane Thiam. Local press in Switzerland are saying that key measures are likely to include the sale of the bank's US wealth management business, and the scaling back of its prime brokerage operations globally.

ZURICH (Reuters) - Credit Suisse (>> Credit Suisse Group AG) said on Thursday it would give investors an update on the bank's strategy under new Chief Executive Officer Tidjane Thiam on Oct. 21.

Confirmation of the date for the update follows a Swiss newspaper report last week that Credit Suisse intends to sell its U.S. private bank and slash its prime brokerage business under a strategy being developed by Thiam.

He signalled a strategy shake-up when he joined this year from British insurer Prudential. Thiam has indicated that the revamp aims to focus on banking for the world's wealthy, particularly in Asia.

"The strategy update will provide a briefing of Credit Suisse's business plans and organisation, as well as the financial results for the third quarter," the Zurich-based bank said in a statement.

Investors have been watching for any clues as to Thiam's plans, as well as for any hints of a widely expected move to tap shareholders for additional capital.

The Schweiz am Sonntag newspaper cited "insiders" as saying Credit Suisse's U.S. private banking business had around 100 billion Swiss francs (66.48 billion pounds) under management but was not making progress there, unlike rival UBS (>> UBS Group AG).

The prime brokerage business, which provides services for clients such as hedge funds, and its fixed-income investment business, would be scaled back to free up capital that can be used for other businesses, the newspaper said.

A spokesman for Switzerland's second-biggest bank declined to comment on the report.

(Reporting by Joshua Franklin; editing by Edwina Gibbs and Jason Neely)