LGT is reportedly in the process of hiring two dozen staff from Credit Suisse in an effort to strengthen its private banking business in Japan.
The Liechtenstein wealth manager is hiring Yoshitaka Nagakura as its new market head for Japan earlier this year, «Bloomberg» reported on Thursday. He is leading LGT's push to set up private banking operations in the world's third-largest economy.
Nagakura is one of as many as 24 private bankers to leave Credit Suisse for LGT, the newswire reported, citing undisclosed sources. The exits follow that of Russ McFarland, a desk head in Tokyo, recently for Bank of America Corp.
Asian Expansion
LGT’s expansion in Japan follows its recent results announcement that saw profits edge lower in 2020, in part by hiring 176 more staff. Asia was amongst the markets highlighted for growth including in Bangkok, where it set up its private bank and lifted its headcount to 24.
Credit Suisse’s exodus of private bankers adds to headwinds including a $5.5 billion hit linked to losses from the collapse of family office Archegos, and the implosion of its Greensill supply chain funds.
