Credit Suisse plans to lean more heavily on its private banking franchise, targeting a bigger share of lucrative ultra-rich clients as tougher regulation and volatile markets dent investment banking returns.
'We haven't systemically taken advantage of all the opportunities that we see with our clients globally', Robert Shafir, co-head of Credit Suisse's private bank, told Reuters in his first interview since taking over the unit a year ago.
The news agency reports that the bank aims to harness its large balance sheet to lend more to wealthy individuals and increase its share of ultra-rich clients, typically with asset of more than $50m, to roughly half of its overall assets under management, from 44% currently.
We have a pretty ambitious set of plans in terms of expanding our wallet share on the liability side of the balance sheet with our clients," Shafir said.
To keep pace with the increasing number of millionaires, Shafir and his co-head Hans-Ulrich Meister are aiming for the private bank to account for half of the group's risk-weighted assets (RWAs), against around a third currently.
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