Swiss financial services group Credit Suisse AG (NYSE:CRP) said today it had decided to merge its private banking and asset management divisions in a drive to cut expenses and realise further synergies.
The combined private banking and wealth management unit will be co-lead by Hans-Ulrich Meister and Robert Shafir. The Swiss investment banking platform and the Solution Partners group will also report to them. Meister will be responsible for running the Swiss franchise along with the private banking client activities in the Europe, the Middle East and Africa (EMEA) and Asia Pacific regions. On the other hand, Shafir will serve as head of private banking and wealth management products and will manage the private banking client operations in the Americas. He will also continue to be the bank’s CEO of the Americas region.
Eric Varvel and Gael de Boissard will collaborate on leading the investment banking segment, with the latter focusing on the management of the fixed income department. De Boissard will act as CEO of the EMEA region as well as of the UK entities Credit Suisse International and Credit Suisse Securities (Europe) Ltd, if regulators approve the move. He will join the company’s executive board as of 1 January 2013. In turn, Varvel will continue to be responsible for the management of the equities and investment banking operations and will also serve as CEO of the Asia Pacific region.
The changes are expected to take effect as of 30 November 2012. According to Credit Suisse’s chairman of the board, Urs Rohner, the new structure will form one of the world’s leading integrated wealth management businesses.