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Credit Suisse’s Private Banking Switzerland to be part of Swiss business -Breaking

by Mike Robinson

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© Reuters. FILEPHOTO: A branch of Swiss bank Credit Suisse in Zurich, Switzerland is seen with the logo. REUTERS/Arnd Wiegmann

ZURICH (Reuters), – Credit Suisse Private Banking Switzerland, (SIX:), will now be part of the Swiss Business, rather than its newly-created wealth management unit. The bank stated in an internal memo that Monday.

“We have carefully considered all the options and come up with the right strategy for our clients, which is to serve our private bank clients in high-net-worth and affluent segments in Swiss Bank,” Andre Helfenstein (CEO of Credit Suisse’s Swiss Bank), the banking group in Switzerland.

He stated that “as a result,” the Private Banking Switzerland Division would become part of Swiss Bank in Reuters memo, which was confirmed by Credit Suisse.

Finews first published the information.

The memo stated that Serge Fehr will be reporting directly to Helfenstein as head of Private Banking Switzerland.

Antonio Horta Osorio was the former chairman of the bank. After violating quarantine rules, he resigned. The new strategy was presented last year to stop a loose culture which has led to billions in losses for the bank in scandals.

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