ZURICH, Aug 16 (Reuters) - Credit Suisse has appointed seven new regional managers at its International Wealth Management unit, cutting out a layer of upper management in its largest private banking business.
The Swiss bank’s IWM division, which manages some 371 billion Swiss francs ($373 billion) for wealthy clients outside Asia Pacific and Switzerland, and a further 401 billion francs in its asset management activities, will split from four to seven key regions.
“I am convinced that this further regionalisation will accelerate our growth strategy and help us enhance client delivery,” IWM head Iqbal Khan said in an internal memo seen by Reuters, the contents of which were confirmed by the bank.
Credit Suisse, Switzerland’s second-biggest bank, is approaching the end of a three-year overhaul sharpening its focus on wealth management as it cut back its investment bank.
After years of heavy losses, its efforts are bearing fruit, as it doubled net profit in the second quarter, despite weakness which hit private banking rivals.
The regional heads will report directly to Khan and be on IWM’s management board, he told newspaper Finanz und Wirtschaft.
Former Europe head Claudio de Sanctis will leave Credit Suisse as the region is split into north and south, joining Deutsche Bank as its new European Wealth Management boss, the German lender said separately on Thursday.
Emma Crystal will lead Northern Europe while Inigo Martos, previously head of Latin America, will become head of Southern Europe.
In Latin America, Brazil will become its own region, led by Marco Abrahão, while Jorge Fernández Amann will assume leadership of the remaining markets.
The Middle East and Africa will be split into separate regions, led by Bruno Daher and Raj Sehgal respectively.
Operations in the group’s Emerging Europe region, which includes markets such as Russia and Israel, will remain unchanged under Robert Cielen. ($1 = 0.9927 Swiss francs) (Reporting by Brenna Hughes Neghaiwi Editing by Alexander Smith)