Major franchises in private banking, investment banking, asset management, and Swiss retail and corporate banking; Strong profitability of capital-light businesses; and Good capitalization and asset quality to benefit further from the potential divestment of Winterthur Group. Underperforming investment bank; Relatively little group integration with resultant duplication and limited group synergies; and Significant exposure to capital-market levels and activity. The ratings on Credit Suisse Group (CSG) reflect the combination of strong franchises in core group activities including private banking, investment banking, and Swiss domestic banking; strong profitability; good capitalization; and sound asset quality. The ratings also reflect the underperformance of CSG's investment bank in recent years, and the fact that CSG has historically underexploited the synergies between business units--although it has
