Twitter icon Email alerts icon Latest News RSS icon Magazine icon Stay connected:

View the article online at http://citywire.co.uk/wealth-manager/article/a635725

Credit Suisse shakes up board for new private banking & wealth division

by Sarah Miloudi on Nov 20, 2012 at 08:06

Credit Suisse shakes up board for new private banking & wealth division

Credit Suisse has announced a board reshuffle as it creates a new private banking and wealth management division.

The Swiss firm said Hans-Ulrich Meister, currently head of private banking in Switzerland, and Robert Shafir would head up the new division, with Shafir taking on specific responsibility for private banking and wealth management products.

Credit Suisse's new division will also include asset management and sees it step up its ambition of streamlining the business.

Brady Dougan, chief executive officer of Credit Suisse, said the changes were the next 'logical' step for the firm after it adapted its business model to suit the changing regulatory environment and evolution of the wealth industry.

Dougan outlined: 'We have restructured our investment banking model resulting in a high returning, lower risk, client oriented business. Our private banking model is highly scalable and suited for the new regulatory environment, and we have sharpened the focus of our asset management business.'

The move also sees Credit Suisse's investment banking arm split apart from its private banking and wealth operation.

A number of firms have in recent months looked at ways of reinvigorating their offering to suit the changing world.  UBS is a notable example, which has chosen to focus on wealth management.

leave a comment

Please sign in here or register here to comment. It is free to register and only takes a minute or two.

News sponsored by:

Long time coming: is the recovery here to stay?


Ian McVeigh and Steve Davies, managers of Jupiter's UK Growth fund, talk about their predictions for the UK equity space. Click here to watch a series of sponsored interviews with Jupiter's fund managers on the UK equity market.

Today's top headlines

On the road

Click here to find out more from the Audience Development team.

Read more...

SJP soft-closes Asante and Wood funds

by Robert St George on Apr 23, 2014 at 15:28

Sorry, this link is not
quite ready yet