Credit Suisse Group AG will expand its coverage of global high-net-worth clients and its ultra-wealthy segment.
Credit Suisse is reassigning advisors to its Private Banking International unit in order to expand its coverage. At least a third of relationship managers with client assets in Switzerland will be reassigned to the Private Banking International unit. According to Credit Suisse, the reassignments will reduce the emphasis on regional business areas by concentrating managers serving high net-worth clients in the unit.
The bank also intends to shift its focus on expanding its high-net-worth coverage model to Hong Kong and Singapore. The bank also shared that it aims to boost recurring revenue from the larger market for those with over $1 million in liquid assets.
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