Credit Suisse is hoping a revamp of its international wealth management, tightening its regional structure and centralising advisory and lending, will help the unit grow profits by 10% annually from 2021, the bank said in an internal memo on Thursday.
Wealth management saw earnings flag after bumper trading in the first quarter, as lower rates ate into margins and as the bank set aside money for potential loan losses. Also, in a move undoing Khan’s regional split from two years ago, Wehle said Northern and Southern Europe would be merged into one region, led by Robert Cielen, while the Middle East and Africa would be combined under the leadership of Bruno Daher.
As well as promoting sustainable investments, the new sustainability group led by Emma Crystal could refine the bank’s lending activities, promoting those with sustainable impacts and restricting loans not aligned with responsible investment criteria, the person said.
Source: Loan Digest (loandigest.net)
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