Per an article by Bloomberg, Credit Suisse Group AG is planning to divide its global wealth division into seven regions, up from four to regionalize the bank as it has reached the final leg of its three-year restructuring.  

According to people with the matter, the seven regions will be Latin America, Brazil, Western Europe, Southern Europe, the Middle East, Africa, and Central and Eastern Europe.

Also, the division’s head would be providing these regions with power to take decisions through their own management teams. Moreover, the move is likely to be given the name of “Project Momentum” and is expected to be announced later this week.

Credit Suisse’s Chief Executive Officer, Tidjane Thiam’s three-year restructuring move seems to be working its magic as the company’s second-quarter results reflected improvement due to better results from wealth management unit. Also, with the earnings release, Thiam promised to remain committed to boosting profitability, generating higher returns and growing shareholder value.

Further, he added, "For the remainder of 2018, we will continue to focus on growing our wealth management franchise and completing the last two quarters of our restructuring successfully."

Moreover, the bank remains on track to achieve adjusted operating expenses of below $4.8 billion in 2018. These efforts made by Credit Suisse to improve financials encourage us. However, persistent legal hassles continue to hurt the bank’s reputation.

Stocks to Consider

Some stocks in the same industry worth considering are Bank of N.T. Butterfield & Son (NTB Quick QuoteNTB - Free Report) , DNB ASA and Hang Seng Bank Ltd. (HSNGY Quick QuoteHSNGY - Free Report) .

Bank of N.T. Butterfield & Son’s earnings estimates have been revised upward by nearly 1% for the current year, in the past 30 days.

DNB ASA’s Zacks Consensus Estimate for current-year earnings has been revised 16.9% upward, over the past 30 days.

Hang Seng Bank has witnessed 6.1% upward earnings estimates revision for the current year in the past 60 days.

Looking for Stocks with Skyrocketing Upside?

Zacks has just released a Special Report on the booming investment opportunities of legal marijuana.

Ignited by new referendums and legislation, this industry is expected to blast from an already robust $6.7 billion to $20.2 billion in 2021. Early investors stand to make a killing, but you have to be ready to act and know just where to look.

See the pot trades we're targeting>>