Credit Suisse is considering a return to U.S. wealth management after a four-year absence as Chief Executive Officer Tidjane Thiam seeks to boost growth in private banking.
Talks have focused on the ambition to add $15 billion of assets under management at a new base in Miami, mostly catering to wealthy Latin Americans, people familiar with the matter said. If the bank moves ahead, it could employ up to 30 people including control and support staff in Florida, the people said, asking not to be identified as the talks are private. No final decision has been taken and talks are at an early stage, they said.
The venture would be symbolically important for the Swiss bank, marking a return to private banking on U.S. soil
A spokesman for Credit Suisse declined to comment.
Switzerland’s second-biggest lender reached an agreement in 2014 to plead guilty and pay about $2.6 billion to the U.S. Justice Department and regulators for helping U.S. citizens hide money. The bank shifted strategy a year later under Chief Executive Officer Tidjane Thiam, who sought to bolster returns by focusing on the home market of Switzerland and expanding in Asian wealth management. The bank agreed the brokerage transfer a year later.
The U.S. ranks fourth largest for offshore wealth behind Switzerland, Hong Kong and Singapore, and is likely to hold about $1 trillion for non US residents by 2023, according to BCG. Credit Suisse’s international wealth management business has focused on Latin America, Europe, the Middle East and Africa and was led until recently by Iqbal Khan, who moved to rival UBS. He was replaced by Philipp Wehle.
