Private banks

The new global wealth division, which is being formed by combining the firm’s private bank with a unit that serves substantially less wealthy households, will be led by Citi veteran Jim O’Donnell.

It’s the second-biggest hire of the year for the wirehouse.

The move follows efforts to reduce expenses in the company’s global wealth management business.

Talks had focused on plans to attract $15 billion of assets under management, mostly from wealthy Latin Americans, according to people familiar with the matter.

A chance phone call and breakfast changed these advisors’ career trajectories.

“We saw a deterioration in terms of trust, reputation and credibility among all our stakeholders,“ Urs Rohner said

A new platform from the World Wide Fund for Nature aims to provide a foundation for ESG-conscious investors and a list of best-practice providers.

There are indications that the bank may be looking to expand its toehold in the U.S. wealth management market after abandoning it in 2016.

Credit Suisse is pushing deeper into the ranks of billionaires, putting it into closer competition with larger rival UBS.

The venture would mark a return to private banking on U.S. soil after an agreement to transfer its U.S. brokerage to Wells Fargo in 2015.