Credit Suisse Carries Out Sweeping Post-Archegos Overhaul

Credit Suisse Group AG said it would exit most hedge-fund financing and restructure its sprawling operations after deep financial losses and regulatory penalties.

The Swiss bank said Thursday its central mission will be catering to the world’s rich with private banking and wealth management. That flagship business, currently managed across geographic units, will sit under one roof and invest for growth with new hires and a target to boost assets to around $1.2 trillion by 2024, from under $1 trillion now.