This publication brings latest news of potential merger and acquisition activity and strategy in the private banking sector.

Credit Suisse plans to sell its US private bank and cut back its prime brokerage arm, according to Schweiz am Sonntag, the Swiss publication.

The move is being planned as part of changes put into effect under the new chief executive, Tidjane Thiam, who took the helm earlier this year after Brady Dougan stood down.

The newspaper, which cited unnamed sources, said results of a strategic review will be presented to the bank’s board as early as October.

A spokesperson told WealthBriefing that the bank is not commenting on the matter.

The Swiss newspaper quoted persons as saying that the US private banking arm of Credit Suisse had around SFr100 billion ($103.2 billion) of assets under management, but is not progressing in that market in the manner of Swiss rival UBS.

Credit Suisse has already sold some other private banking units in recent years: it sold its German private bank to ABN AMRO in late 2013, for example. Another large bank, Barclays, sold its US wealth business to US-based Stifel earlier this year.