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Credit Suisse has named asset management boss Ulrich Koerner as its new CEO, who is tasked with scaling back investment banking and cutting more than $1 billion in costs to help the bank recover from a string of scandals and losses.

The Swiss bank has dubbed 2022 a “transition” year with a change of guard, restructuring aimed at curtailing risk-taking in investment banking, and bulking up of wealth management, while batting away speculation that it could be acquired or broken up.

A new strategic review announced on Wednesday, the bank’s second in less than a year, will evaluate options for its securitized products business to attract third-party capital, while reaffirming its commitment to asset management.

Koerner, 59, is considered a restructuring expert in Switzerland and will succeed CEO Thomas Gottstein on Aug. 1.

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