Credit Suisse Climbs 1.9% After J.P. Morgan Upgrade

Investors and analysts are welcoming Tuesday's news that Tidjane Thiam from Prudential will take over the helm at Credit Suisse . Shares of the investment bank rose 1.9% on Wednesday after J.P. Morgan Cazenove lifted its rating on the stock to overweight from underweight, arguing that the "change in management materially increases the probability of an [investment bank] restructuring, which we have advocated in the past." J.P. Morgan analysts said they expect Thiam to grow Credit Suisse's private banking business in Asia, as he already has an "excellent track record on growth" in the region at Prudential.