Bank Credit Suisse has said it aims to expand significantly its asset management in the United States.
This content was published on
1 minute
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.
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.
Read more
More
Credit Suisse reforms pay amid bonus blowout
This content was published on
It made the announcement on Tuesday, less than two weeks before Switzerland’s financial regulator, Finma, will release new rules governing pay within the financial services industry. Across the Atlantic, Wall Street is set for another pre-crisis bonus season months after some of its most venerable institutions were either rescued by taxpayers or went bust. Pressure…
This content was published on
Analysts praised the expectation-busting performance after previously expressing doubts over the sustainability of huge recent returns generated by United States rivals Goldman Sachs and JP Morgan. The results announced on Thursday follow a first-quarter windfall of SFr2 billion, placing Credit Suisse’s profit for the first half of 2009 at SFr3.57 billion. The bank had posted…
This content was published on
The Yellowstone Club is one of six high-profile real-estate projects in the US to which Credit Suisse granted similar loans. All are in financial difficulty. The golf and ski resort, with greens and slopes reserved for millionaires, had attracted homebuyers including Microsoft’s Bill Gates and former US Vice President Dan Quayle. After a week of…
You can find an overview of ongoing debates with our journalists here. Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.