Credit Suisse Plans to Triple China Headcount in Major Push

This content was published on March 20, 2021 - 09:13

(Bloomberg) -- Credit Suisse Group AG plans to triple its headcount in China over the next three years, ramping up its ambitions to gain market share as the nation’s financial market opens.

“We are planning to more than triple our presence in term of headcount in China over the next 3 years and look forward to strengthening our position,” Chief Executive Officer Thomas Gottstein said on a panel discussion at the China Development Forum on Saturday.

The Swiss firm is looking to take full control of its securities venture over the next 12 months after last year gaining a majority stake, Gottstein said.

It also plans to apply for a banking license for its branch to “further enhance our core offering, across our businesses, private banking and investment banking,” he said.

Along with other major banks Credit Suisse is pushing into China as it opens its capital markets. Last year, it revealed plans to double its headcount, matching similar plans by rivals such as Goldman Sachs Group Inc.

Credit Suisse last year saw its profit rise 24% in the Asia Pacific region.

©2021 Bloomberg L.P.

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