Wealth Manager - the site for professional investment managers

Register to get unlimited access to Citywire’s fund manager database. Registration is free and only takes a minute.

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

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 or register to comment. It is free to register and only takes a minute or two.
Citywire TV
Play Wealth Manager Retreat 2017: size isn't everything

Wealth Manager Retreat 2017: size isn't everything

We asked our delegates at the Wealth Manager Retreat what they think about the recent wave of consolidation in the industry.

1 Comment Play CIO Tapes - part 3: 'passive funds are anti-capitalist'

CIO Tapes - part 3: 'passive funds are anti-capitalist'

Citywire recently gathered three of the UK's leading fund investment heads to discuss their hopes, fears and the issues that their jobs throw at them daily.

Play CIO Tapes: do investors have it as good as it gets?

CIO Tapes: do investors have it as good as it gets?

Citywire gathered three of the UK's leading fund investment heads to discuss what they fear and what makes them cheer about the year ahead

Read More
Your Business: Cover Star Club

Profile: Rathbone's Newcastle boss on the road to £1bn

Profile: Rathbone's Newcastle boss on the road to £1bn

Starting from zero assets on day one, Rathbone's Newcastle team now looks after just over £400 million in clients money

Wealth Manager on Twitter