Credit Suisse’ focus on private banking is reflected in the bonus payments for last year. Wealth managers can expect a much healthier variable income than their colleagues in other divisions.
Switzerland’s second-largest bank increased the bonus pool for private bankers by 7 percent, according to a report by «Bloomberg», which cited people familiar with the matter.
The bonus payments at the bank in total only rose by 3 percent, «Bloomberg» said. If correct, the bank enacted on Tidjane Thiam’s decision to focus on private banking and paring investment banking.
Khan: Star Performer
The strategy seems to work, at least to the extent that International Wealth Management, the unit led by Iqbal Khan, has returned better results and attracted new money. Asset management equally added strongly to the business.
Wealth management received 37.2 billion francs in new money from clients last year and assets under management surged to a record 772 billion, thanks to higher equity prices. Hence, Khan’s position as one of Thiam’s star performers.
