Credit Suisse says it will raise 4 billion francs of capital

BERLIN, Oct 27 (Reuters) – Credit Suisse will raise 4 billion Swiss francs ($4.06 billion) of new capital by issuing new shares to qualified investors and through a rights offering, it said of the Swiss bank on Thursday, outlining an overhaul of its business that will see it cut thousands of jobs.

The Swiss bank said it intended to spin off its investment bank to create CS First Boston, which would focus on advisory and capital markets, and hoped to attract third-party capital and set up a partnership with the new Credit Suisse.

It said it would create a Capital Release Unit to exit non-strategic, higher-risk businesses.

($1 = 0.9858 Swiss franc) (Reporting by John O’Donnell; editing by Michael Shields)

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