Credit Suisse bolstering Australia, China ranks
(8 April 2016 – Australia) Credit Suisse is bulking up its Australian banking business, according to a report from Fairfax Media.
The bank’s Australian chief executive, John Knox, was quoted as saying: "We've hired quite a number of private banking relationship managers in Australia this year, our overall headcount for Australia this year is up by 50, totalling just under 400."
Credit Suisse hired two bankers from UBS, it biggest competitor. Michael Stock who is head of investment banking and capital markets, and Simon Cox joined at a time when their previous employer announced that it was exiting the local market.
Fairfax Media said Knox had not disclosed Credit Suisse’s Australian growth targets, but indicated that the local market was a beneficiary of the capital being allocated to Asia.
Additionally, Reuters reports that the bank’s global chief executive officer, Tidjane Thiam told a media briefing that the bank will look to build on its wealth management capabilities in China, despite the country’s slowing growth,
"We have been underweight (in) China and will continue to invest," said Thiam.
Credit Suisse currently lacks an onshore license to operate wealth management business in China, but is considering securing one.
"Our strategy is primarily driven by wealth management and private banking," Thiam said. "We have a good customer base. Today we are offshore, but ultimately we will be onshore."
At the end of 2015, the bank posted a net loss of 2.9 billion Swiss Francs (A$4 billion), its first full-year loss since the global financial crisis.
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