Private Banks

Credit Suisse announces globally unified Wealth Management division

Starting from January 2022, the Group will be reorganized into four divisions – Wealth Management, Investment Bank, Swiss Bank and Asset Management -- and four geographic regions – Switzerland, Europe, Middle East and Africa (EMEA), Asia-Pacific (APAC) and Americas -- reinforcing the integrated model with global businesses and strong regional client and regulatory accountability

The globally unified Wealth Management division is expected to accelerate growth with an increase of about 25% in allocated capital by 2024, while aligning client segmentation, product offerings, platforms and technology, and leveraging global capabilities through a bestin-class integrated model across all regions.

The bank has announced plans tp redeploy additional capital of approximately CHF 3 billion to the Wealth Management division by 2024, a 25% increase, with an ambition to grow client business volume to about CHF 1.6 trillion and assets under management to about CHF 1.1 trillion, to deliver incremental recurring revenues of >CHF 1 billion by 2024; this will be supported by growth investments including ~500 new Relationship Managers and ~60% step-up in technology investments by 2024.

The division plans to expand its market leading UHNW and Upper HNW franchises and accelerate Core HNW growth in selected scale markets. The plan is to exit approximately 10 non-core markets.

The growth strategy is expected to deliver incremental recurring revenues of at least CHF 1 billion by 2024 combined with growth in transaction-based revenues. The 2024 ambition is to exceed a return on regulatory capital of 18% on an adjusted basis, excluding significant items, and grow net new assets by a mid-single digit p.a.

In the APAC region, the bank has a unique opportunity to capture growth. This includes investing in its Mainland China franchise, centered around the Bank for Entrepreneurs model, building on the Singapore and Hong Kong hubs and further leveraging investment, financing, advisory and capital markets solutions.