ZURICH: Credit Suisse Group intends to sell its US private bank and slash its prime brokerage business under a strategy being developed by new Chief Executive Tidjane Thiam, Swiss newspaper Schweiz am Sonntag reported on Sunday.

Results will be presented to the bank’s board in early October of a strategic review announced in July, earlier than first envisaged to give markets time to absorb news of a planned capital increase, the newspaper said, citing anonymous sources.

A spokesman for Switzerland’s second-biggest bank declined comment on the report. The newspaper cited ‘insiders’ as saying the bank’s US private banking business had around $103 billion under management but was not making progress there, unlike rival UBS.