Bank Credit Suisse has said it aims to expand significantly its asset management in the United States.
The Swiss bank plans to create a network of 700 consultants in 18 to 20 branches, according to Anthony DeChellis, its head of retail banking in the US. Currently 407 consultants work in 15 branches in the US.
DeChellis explained that dealing with ultra-rich clients – those with at least $10 million (SFr10.7 million) – was profitable and could turn out to be more durable and sustainable than a widely spread brokerage business.
“We believe the broker-dealer business model is doomed to fail,” he said. “It won’t disappear tomorrow, but the model faces serious difficulties.”
Thousands of consultants and clients turned their backs on financial brokers during last year’s crisis.
swissinfo.ch and agencies