Credit Suisse is to combine its private banking and asset management divisions into a new unit, private banking and wealth management division, prompting a leadership reshuffle alongside further integration of its investment bank.
The radical shake-up, which had been rumoured in September, comes alongside a slim down of the bank’s investment banking unit, although no significant job losses were announced.
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The bank’s asset management unit is the smallest of Credit Suisse’s three divisions, having contributed just 12% to the group’s pre-tax profit in the first half of 2012.
The merger is expected to cut costs, with the bank announcing in July that it intends to slash an extra CHF1bn in expenses by the end of 2013.
The move has parallels with Deutsche Bank which combined its existing asset management and private wealth management divisions into a new business unit, Asset and Wealth Management, in June.
The restructure along regional and business lines means that Walter Berchtold, chairman private banking, and the regional CEOs for Asia-Pacific and EMEA regions, are leaving the firm.
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By GlobalData
Leadership changes
Hans-Ulrich Meister and Robert Shafir will lead the new private banking and wealth management division, which will also integrate the investment banking securities and solutions partner businesses. The leadership changes include:
– Hans-Ulrich Meister will be head of private banking with responsibility for running the Swiss franchise and the private banking client businesses in EMEA and Asia Pacific. The Swiss franchise includes offshore and onshore Swiss private banking with the segments wealth management & private clients Switzerland, premium clients Switzerland & global external asset managers, and corporate & institutional clients.
– Robert Shafir will be head of private banking & wealth management products. This includes responsibility for the current asset management products, investment services & products, cs trust and research. He will also head private banking in the Americas.
– Eric Varvel and Gael de Boissard will partner in leading the investment banking division. Eric Varvel will continue to lead and oversee the management of the equities & investment banking department businesses.
– Gael de Boissard will focus on the management of the fixed income department. In addition, Eric Varvel will serve as CEO of the Asia Pacific region.
– The restructure means that the roles of dedicated CEO Asia Pacific and EMEA no longer exist. Osama Abbasi and Fawzi Kyriakos-Saad, who serve as CEOs for those two regions, are leaving the firm.
