Credit Suisse plans to launch wealth business in China

Signage is shown outside a Credit Suisse Group AG bank branch in Geneva, Switzerland. Picture: BLOOMBERG/JOSE CENDON

The bank aims to start offering wealth management services in China next year on the back of securing full ownership of its local securities venture, which is likely by the first quarter of next year, Cavalli said. On Thursday, Reuters reported Switzerland’s second-biggest bank, which has dubbed 2022 a “transition” year, is weighing slashing around 5,000 jobs across the group — around one job in 10.

China’s wealth management market stood at 29 trillion yuan as of June, official data shows, with banks highlighting that household wealth was growing faster than economic growth. Credit Suisse has already hired 50 staff for the wealth business, including relationship managers, investment consultants and those involved in managing discretionary offerings, among others, he said.

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