Credit Suisse sells most of its securitized products business to Apollo as it speeds up restructure
In this article APO Follow your favorite stocks CREATE FREE ACCOUNT Credit Suisse on Tuesday announced that it would accelerate the restructure of its investment bank by selling a significant portion of its securitized products group (SPG) to Apollo Global Management. Credit Suisse said the transaction, along with the potential sale of other assets to third-party investors, is expected to reduce SPG assets from around $75 billion to $20 billion. related investing news Citi downgrades Bank of America, says gains will be hard to come by for the banking stock Alex Harring 19 hours ago The bank said the move represented an "important step towards a managed exit from the Securitized Products business , which is expected to significantly de-risk the investment bank and release capital to invest in Credit Suisse's core business ." Loading chart... Credit Suisse announced a massive strategic overhaul at the end of October alongside a huge quarterly loss, after battling sluggi...