Swiss bank Credit Suisse is reshuffling its private banking division, according to an internal memo seen by Reuters, the first move by the unit’s new head.
Like rival UBS , Credit Suisse has been grappling with rising regulatory costs and a record high Swiss franc which eat into profit. With investment banking sluggish, the bank is hoping to bolster margins in wealth management.
In late July, the bank appointed Hans-Ulrich Meister as new chief executive of private banking in addition to his role as CEO of Credit Suisse Switzerland.
According to the memo, Christoph Brunner will replace Hanspeter Kurzmeyer as head of private clients Switzerland. Mr. Kurzmeyer held the post for nine years and will be head of corporate citizenship, a job he took over in July.
Rolf Boegli will take over from Mr. Brunner as chief operating officer of private banking, while private banking Switzerland will be headed by Arthur Vayloyan.
“The challenges we are facing include subdued economic growth in large parts of the world, the strong Swiss franc, the low interest-rate environment and increasing compliance costs – all of which will continue to put pressure on our margins,” Mr. Meister said in the memo.
“It is crucial that we now set priorities and develop measures to ensure that we can use this difficult environment to our advantage.”
According to the memo, the appointments will take effect on Sept. 1.Report Typo/Error