Credit Suisse's Muehlemann to leave co - report

Credit Suisse Group CEO Lukas Muehlemann is likely to leave the company, as a group CEO is not necessary with two strong leaders at the helm of the concern's two large units, according to sources reported in SonntagsBlick.

Oswald Gruebel, heading Credit Suisse Financial Services, and John Mack, running Credit Suisse First Boston, "both do not need Muehlemann, and he seems knocked out," according to a manager at Credit Suisse's main office.

Oswald Gruebel wants to shine by turning around troubled insurance unit, Winterthur, and re-listing the company's shares, insiders were cited as sayim.

The report cited a financial expert as saying: "The conditions are ideal as the stock risk is practically gone, and the company itself performs well."

There are also rumours amongst CSFB employees that John Mack is planning a management buyout of the investment bank, the report added.