Credit Suisse's man in Asia was upbeat on the Swiss bank's performance in the first three months of the year. However the bank has not added to the crucial client-facing part of the business.
According to the latest earnings release the number of private bankers, or RMs, employed by Credit Suisse in Asia Pacific in the first quarter of 2017 stood at 620. That is 20 less than the 640 reported for the fourth quarter of 2016, and sees the number match that of the first quarter 0f 2016.
With RMs a crucial component in gathering new assets for the Swiss bank, the lack of additional headcount in an ultra-competitive market place must be a worry. Nevertheless the bank reported assets under management in the region of 177 billion Swiss francs, with 5.3 billion Swiss francs of net new assets.
Altered Reporting
Credit Suisse has changed its financial reporting for Asia: The figures from wealth management, financing and underwriting and advisory teams now come under the new Wealth Management & Connected business, or WM&C.
The new markets business, formerly reported as part of the wider investment banking business, represents the existing equities and fixed income trading business, which continues to support the wealth management activities, but also deals extensively with a broader range of institutional clients.
No China Syndrome
Sitohang was questioned on the influence to both the markets business and the WM&C business as a result of the capital controls introduced by China last year.
However he responded that «there was no great influence noticeable on the bottom line.»
