The Swiss bank looks to be preparing its return to private banking in the Americas. It is targeting a segment actively cultivated by its Swiss rivals.
Zurich-based Credit Suisse's plans to start back up with wealthy American clients are taking shape «Bloomberg» reported, citing people familiar with the matter. The Swiss bank reportedly plans to pitch a tent in Miami, FL with roughly 30 private bankers targeting wealthy Latin American clients.
The move represents a long-awaited return to the Americas after Credit Suisse was forced to offload its roughly 250-adviser business in North America to Wells Fargo three years ago. Its ambitions in the U.S. remained apparent: Credit Suisse poached prominent private banker Charlie Buckley from rival UBS shortly after that deal.
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Credit Suisse's renewed push comes shortly after a handover at its wealth unit, which was given much more emphasis in a 2015 restructuring under CEO Tidjane Thiam. The unit is at the center of unpleasant headlines for Thiam and Credit Suisse after a surveillance scandal the bank was forced to apologize for.
In homing in on Latin America's wealthy, Credit Suisse aligns with Swiss rivals like Julius Baer, Pictet, and UBS. All save for Pictet have poured money into elaborate onshore offices as well as acquisitions (Julius Baer acquired GPS and Reliance, while UBS snapped up family office Consenso).
The region has proven controversial: an ex-Julius Baer star banker was sentenced last year for his involvement in a Venezuelan money laundering scheme linked to the government. The bank is rethinking its Latin America strategy to focus on Brazil and Mexico as a result.
