Credit Suisse’s overhaul of its investment bank was expected to be a radical shift of the business. Instead, it simply lops off the source of its recent woes. 

Its decision to exit from prime services, which was responsible for a $5.5bn hit from the collapse of family office Archegos Capital, and a $3bn reduction in capital across its investment bank, disguise what is essentially Credit Suisse sticking to its knitting.