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FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
REPORT OF FOREIGN PRIVATE ISSUER
Dated June 24, 2004
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
For the month of June 24, 2004
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Commission File Number 001-15244
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CREDIT SUISSE GROUP
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(Translation of registrant's name into English)
Paradeplatz 8, P.O. Box 1, CH-8070 Zurich, Switzerland
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(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F
Form 20-F /X/ Form 40-F / /
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Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1):
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Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
Form 6-K if submitted solely to provide an attached annual report to
security holders.
Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7):
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Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the
registrant foreign private issuer must furnish and make public under the laws
of the jurisdiction in which the registrant is incorporated, domiciled or
legally organized (the registrant's "home country"), or under the rules of
the home country exchange on which the registrant's securities are traded, as
long as the report or other document is not a press release, is not required
to be and has not been distributed to the registrant's security holders, and,
if discussing a material event, has already been the subject of a Form 6-K
submission or other Commission filing on EDGAR.
Indicate by check mark whether by furnishing the information contained in this
Form, the registrant is also thereby furnishing the information to the
Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of
1934.
Yes / / No /X/
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If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82-
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[Credit Suisse Group Logo] Media Relations
CREDIT SUISSE GROUP
P.O. Box 1
CH-8070 Zurich
www.credit-suisse.com
Telephone +41 1 333 88 44
Telefax +41 1 333 88 77
media.relations@credit-suisse.com
CREDIT SUISSE BOARD SHARPENS STRATEGIC FOCUS AND APPROVES NEW MANAGEMENT
STRUCTURE
OSWALD J. GRUEBEL IS APPOINTED SOLE GROUP CEO; BRADY W. DOUGAN TO HEAD CSFB
EMPHASIS ON STRATEGIC GROWTH THROUGH CLOSER INTEGRATION OF BANKING BUSINESSES
AND EXPLORING OPTIONS FOR CAPTURING VALUE OF INSURANCE BUSINESS
ZURICH AND NEW YORK, JUNE 24, 2004 - THE BOARD OF DIRECTORS OF CREDIT SUISSE
GROUP TODAY ANNOUNCED A SERIES OF STRATEGIC INITIATIVES, INCLUDING STRUCTURAL
AND MANAGEMENT CHANGES DESIGNED TO TAKE ADVANTAGE OF THE GROUP'S IMPROVED
BUSINESS MOMENTUM AND TO STRENGTHEN INTEGRATION OF ITS GLOBAL CAPABILITIES.
Effective July 13, the Group will be structured along three business lines:
investment banking and wealth and asset management under the legal entity Credit
Suisse First Boston (CSFB); financial services, including global private banking
and corporate and retail banking in Switzerland, under the legal entity Credit
Suisse; and insurance under the legal entity Winterthur.
Commenting on the announcements, Chairman Walter B. Kielholz said: "At this
point in time, we have no interest in pursuing a merger with another financial
institution. Credit Suisse Group's financial performance has improved
significantly as a result of strong measures taken by management. Our goals now
are to accelerate organic growth and strengthen the competitive positioning of
our core banking businesses; further improve the profitability of Winterthur and
explore all options for capturing the value of our insurance business for
stakeholders; and, finally, to position the Group to play a leading role in the
evolution of the global financial services industry."
Effective as of July 13, 2004, Oswald J. Gruebel, currently CEO of Credit
Suisse Financial Services and Co-CEO of Credit Suisse Group, has been
appointed sole Chief Executive Officer of Credit Suisse Group. Oswald J.
Gruebel is currently Co-CEO of the Group along with John J. Mack, who has
agreed with the Board of Directors not to renew his contract which will
expire as of July 12.
Walter B. Kielholz said: "On behalf of the Board of Directors I wish to express
our appreciation for everything that John J. Mack has accomplished at CSFB and
Credit Suisse Group. He led a dramatic turnaround of CSFB - delivering a USD 1.4
billion profit last year, enhancing its reputation by resolving major regulatory
challenges and strengthening the franchise in key areas for future growth."
Also effective July 13, Brady W. Dougan will assume responsibility for the
operations of the investment banking and wealth and asset management arm of the
Group and be named CEO of CSFB. Brady W. Dougan, who joined CSFB in 1990, has
previously held a series of senior positions in the firm, most recently
Co-President of Institutional Securities.
In addition to his new position as head of Private Banking and Corporate &
Retail Banking, Walter Berchtold will assume the role of CEO of Credit Suisse.
Brady W. Dougan, Walter Berchtold and Leonhard H. Fischer, CEO of Winterthur,
will all report directly to Mr. Gruebel.
Walter B. Kielholz added: "Oswald J. Gruebel has an impressive record of success
over nearly three decades in leadership roles in CSFB, private banking and our
other core businesses. He is a proven leader with the experience and skills
necessary to ensure that our management team remains focused on a single
integrated strategy to grow our businesses in the months ahead."
Oswald J. Gruebel noted: "Recent results testify to the strength of Credit
Suisse Group. We have world-class clients, and some of the most talented
professionals in the industry enabling us to pursue promising opportunities
to grow organically. The new structure establishes clear lines of
responsibility for developing and implementing our strategy, and strengthens our
ability to integrate our businesses globally."
Commenting on his new leadership role, Brady W. Dougan said: "CSFB ranks among
the most respected global investment banking platforms. The changes announced
today reflect the strong commitment of the Group to investment banking. I look
forward to working with Oswald J. Gruebel and my colleagues on the Group
Executive Board to grow our business by taking full advantage of the business
opportunities across our global platform."
In addition to the management appointments announced today, Oswald J. Gruebel
will be forming a Committee of the Group Executive Board responsible for the
day-to-day management of the Group. Reporting to Oswald J. Gruebel, this
committee will include Walter Berchtold, Brady W. Dougan, Leonhard H. Fischer,
Urs Rohner, Head of the Group Corporate Center, Renato Fassbind, Chief Financial
Officer effective August 2004, and Richard E. Thornburgh, Chief Risk Officer of
the Group.
ENQUIRIES
Credit Suisse Group, Media Relations Telephone +41 1 333 88 44
Credit Suisse Group, Investor Relations Telephone +41 1 333 45 70
CREDIT SUISSE GROUP
Credit Suisse Group is a leading global financial services company headquartered
in Zurich. It provides private clients and small and medium-sized companies with
private banking and financial advisory services, and pension and insurance
solutions from Winterthur. In the area of investment banking, it serves global
institutional, corporate, government and individual clients in its role as a
financial intermediary. Credit Suisse Group's registered shares (CSGN) are
listed in Switzerland and in the form of American Depositary Shares (CSR) in New
York. The Group employs around 60,000 staff worldwide. As of March 31, 2004, it
reported assets under management of CHF 1,241.3 billion.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
This press release contains statements that constitute forward-looking
statements. In addition, in the future we, and others on our behalf, may make
statements that constitute forward-looking statements. Such forward-looking
statements may include, without limitation, statements relating to our plans,
objectives or goals; our future economic performance or prospects; the potential
effect on our future performance of certain contingencies; and assumptions
underlying any such statements.
Words such as "believes," "anticipates," "expects," "intends" and "plans" and
similar expressions are intended to identify forward-looking statements but are
not the exclusive means of identifying such statements. We do not intend to
update these forward-looking statements except as may be required by applicable
laws.
By their very nature, forward-looking statements involve inherent risks and
uncertainties, both general and specific, and risks exist that predictions,
forecasts, projections and other outcomes described or implied in
forward-looking statements will not be achieved. We caution you that a number
of important factors could cause results to differ materially from the plans,
objectives, expectations, estimates and intentions expressed in such
forward-looking statements. These factors include (i) market and interest
rate fluctuations; (ii) the strength of the global economy in general and the
strength of the economies of the countries in which we conduct our operations
in particular; (iii) the ability of counterparties to meet their obligations
to us; (iv) the effects of, and changes in, fiscal, monetary, trade and tax
policies, and currency fluctuations; (v) political and social developments,
including war, civil unrest or terrorist activity; (vi) the possibility of
foreign exchange controls, expropriation, nationalization or confiscation of
assets in countries in which we conduct our operations; (vii) the ability to
maintain sufficient liquidity and access capital markets; (viii) operational
factors such as systems failure, human error, or the failure to properly
implement procedures; (ix) actions taken by regulators with respect to our
business and practices in one or more of the countries in which we conduct
our operations; (x) the effects of changes in laws, regulations or accounting
policies or practices; (xi) competition in geographic and business areas in
which we conduct our operations; (xii) the ability to retain and recruit
qualified personnel; (xiii) the ability to maintain our reputation and
promote our brands; (xiv) the ability to increase market share and control
expenses; (xv) technological changes; (xvi) the timely development and
acceptance of our new products and services and the perceived overall value
of these products and services by users; (xvii) acquisitions, including the
ability to integrate successfully acquired businesses; (xviii) the adverse
resolution of litigation and other contingencies; and (xix) our success at
managing the risks involved in the foregoing.
We caution you that the foregoing list of important factors is not exclusive;
when evaluating forward-looking statements, you should carefully consider the
foregoing factors and other uncertainties and events, as well as the risks
identified in our most recently filed Form 20-F and reports on Form 6-K
furnished to the US Securities and Exchange Commission.
CREDIT SUISSE GROUP
STRUCTURE AS OF JULY 13, 2004
CREDIT SUISSE GROUP
Credit Suisse Credit Suisse Winterthur
First Boston
Private Banking Institutional Securities Life & Pensions
Corporate & Retail Wealth & Asset Non-Life
Banking Management
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Credit Suisse Credit Suisse First Boston Winterthur
Legal entity Legal entity Legal entity
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the
registrant has duly caused this report to be signed on its behalf by the
undersigned, thereunto duly authorized.
CREDIT SUISSE GROUP
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(Registrant)
Date June 24, 2004 By: /s/ David Frick
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(Signature)*
Member of the Executive Board
*Print the name and title of the signing
officer under his signature. /s/ Karin Rhomberg Hug
Managing Director