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Credit Suisse forms new combined asset management and private bank division

Credit Suisse has combined its private banking and asset management divisions to form a new single private banking & wealth management division, to accelerate execution of strategy and sharpen client focus.

Changes to organisational structure are part of the firm’s efforts to align with the new regulatory reality and will come into effect from 30 November 2012.

As part of the reorganisation, Credit Suisse will have two divisions namely, a global investment bank to focus on equities and a fixed-income department and the second a private bank.

The private division will include wealth-management operations, asset-management franchise, and the securities trading platform of the Swiss investment bank.

Investment bank will be headed by Eric Varvel and Gael de Boissard. Varvel will run the equities business and also take charge of Asia, while de Boissard will manage fixed income, lead Europe and join the executive board.

Hans-Ulrich Meister will be responsible for the private bank and head operations in Switzerland, Europe and Asia, as well as all Swiss client businesses, while Robert Shafir will lead private banking and wealth management products in the Americas.

Credit Suisse chief executive officer Brady Dougan said the changes made to investment banking, private banking and asset management models represent the next step in the continued development of its businesses towards achieving the targets that have been laid out.

Employing approximately 48,400 people, Credit Suisse operates in over 50 countries across the globe and is headquartered in Zurich.