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Wednesday, May 18, 2022

Credit Suisse [NYSE: CS] Plans to Establish Single Private Bank

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Credit Suisse Group AG [NYSE: CS] is gearing up to create a single private bank as the firm is planning to centralize the management of its bankers. The Swiss bank is considering replacing a regional structure as part of efforts to fast-track a revamp after a series of scandals. Credit Suisse and its Board are exploring a new strategy for the revamp as soon as October.

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Sources disclosed that it looks like the revamp will be bigger as the bank is preparing to transform the private banking business and other services managing money for the world’s rich into one global division. Furthermore, focusing on the client managers who handle the wealthiest clients, many of whom are worth tens of millions of dollars, would abandon a regionalized structure launched in 2015.

It has been deemed that this kind of change would sway local managers in Asia and globally, who have enjoyed substantial independence, under strict Swiss control as well as making it simpler to reduce costs. The managers are worried that Switzerland’s second-largest bank, which has faced two scandals this year, could experience break-up demands from investors, or that its plummeting stock-market value makes it a foreign acquisition target.

Furthermore, under the guidance of its new chairman Antonio Horta-Osorio, Credit Suisse is exploring revamping operations and leading its businesses to shield it from investor pressure. Moreover, Credit Suisse would be able to simplify products by integrating its wealth management businesses, while also getting more and more appealing to a potential merger partner.

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