Credit Suisse Co-CEO Denies Plans To Spin Off CSFB

Credit Suisse Group has no plans to sell its Winterthur insurance business or split off its Credit Suisse First Boston investment bank, co-Chief Executive Oswald Gruebel said in an interview on Tuesday. “I see no requirement there,” Gruebel said when asked whether a sale of Winterthur was on his to-do list. His remarks were published in a pre-released interview with Facts magazine. Under Gruebel, CS has pared costs at Winterthur and sold off businesses to return it to profits after the insurer needed some 3.3 billion Swiss francs ($2.6 billion) in emergency cash from the parent in 2002, when falling global markets almost pushed it over the edge. “Winterthur has already made big progress, but it can and will have to adjust to the market even more,” Gruebel said