ZURICH (AFX) - Credit Suisse Group will entrust former Winterthur Insurance head Leonard Fischer with the development of a new business strategy for its investment banking and asset management units, Sunday newspaper SonntagsZeitung reported, without disclosing its sources.
The move is aimed at retaining the German investment banking specialist's services for Credit Suisse, with a view of Fischer becoming the group's next chief executive when current CEO Oswald Gruebel retires in two years.
Credit Suisse did not comment on the matter.
According to the newspaper, the bank has yet to decide whether the two units should remain niche players or close ranks with their sector peers.
Together with Urs Rohner, the group's current chief operating officer, Fischer is seen as a rising star following his successful sale of Credit Suisse' Winterthur Insurance unit to Axa earlier this year.
Last week, the Credit Suisse manager, currently without portfolio, rejected a lucrative job offer from Axa, the newspaper added. afx.zurich@afxnews.com at/vs COPYRIGHT Copyright AFX News Limited 2006. All rights reserved. The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News. AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited