Credit Suisse scraps legacy businesses at even faster tempo

Credit Suisse’s disbanding of legacy businesses is well ahead of schedule, with the Swiss bank shooting past its year-end targets in the second quarter.

The firm’s strategic resolution unit (SRU), a holding pen for discontinued and legacy businesses, shed $6.2 billion of leverage exposure in the three months to June, reducing its total to $39 billion – beneath the bank’s end-year target of $40 billion. In the past 12 months, the SRU has cut $36 billion, or 48%, of its leverage ratio exposure.

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