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Credit Suisse to hire 500 for new global wealth arm

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Credit Suisse is aiming to hire 500 advisors over the next three years for its newly-unified global private banking business.

Last week the Swiss private banking group combined its wealth businesses in Switzerland, Asia and internationally into a single new $930bn (£688bn) global division.

In a strategy update last Thursday, the group revealed it will add roughly 500 new advisors between now and 2024, a roughly 15% increase in client-facing headcount.

The group also said it planned to exit 10 ‘non-core’ markets without elaborating which jurisdictions would be affected, according to its press release.

In addition, the group is looking to expand its ultra-high net worth and ‘upper high net worth franchises and accelerate core high net worth growth in selected scale markets’, it said.

Early last week, it was reported that Franceso de Ferrari, the former CEO of Australian wealth manager AMP, been recruited to lead the group’s new global private banking division. Credit Suisse has not yet confirmed his appointment.

De Ferrari previously worked at the Swiss private bank between 2002 and 2018 where he most recently headed the group’s South East Asia and Frontier Markets wealth business.

Peter Charrington, the former global head of private banking for Citigroup, was also reportedly considered for the post.

Credit Suisse added in its strategy update that it would target roughly $1.2tn in assets under management by 2024 and that changes in its staple wealth business would look to deliver recurring revenues of at least $1.1bn over the same time period.

The new globally unified wealth management division is also expected to increase allocated capital by about 25% by 2024.

The changes at the group level were reportedly spearheaded by board of directors chair Antonio Horta-Osorio who was looking to reorganize Credit Suisse’s wealth management business following and exodus of talent after the costly Archegos and Greensill debacles.