ZURICH, April 27 (Reuters) - Swiss bank Credit Suisse has recruited at least a dozen wealth managers in Mexico from rival UBS, a source familiar with the matter said on Wednesday, part of efforts to beef up its private banking business.
Since an Oct. 21 strategy update from Chief Executive Tidjane Thiam, Zurich-based Credit Suisse has sought to expand in wealth management, which is seen as a more stable source of earnings, while shrinking its volatile investment bank.
The hires from UBS will boost the bank’s International Wealth Management (IWM) division, which is responsible for Credit Suisse’s private banking business outside of its Swiss and Asia Pacific units.
More UBS employees in Mexico could join Credit Suisse, the source added.
UBS declined to comment.
When hiring relationship managers from rivals, banks often hope that at least a portion of the client assets will move over with the banker.
Credit Suisse wants to add 300 employees to IWM by 2018 for a headcount of around 1,400 relationship managers, according to an Oct. 21 presentation from the bank.
News of the Mexico hires was reported earlier by the Financial Times.
Reporting by Joshua Franklin, editing by Rachel Armstrong and Louise Heavens