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Credit Suisse reveals seven new roles in wealth shakeup

Credit Suisse reveals seven new roles in wealth shakeup

Credit Suisse has named Emma Crystal, who served as head of international private banking in northern and western Europe, as head of northern Europe in a shake up that has seen it reorganise its International Wealth Management (IWM) division. 

The Swiss group will split its IWM division, which as of end of June managed CHF370.1 billion (£291.7 billion) for wealth clients outside of Asia Pacific and Switzerland, into seven key regions as of 1 September.

'I am convinced that this further regionalization will accelerate our growth strategy and help us enhance client delivery’, said IWM head Iqbal Kahn in an internal memo seen by Wealth Manager sister title Citywire Americas.

The move coincides with the departure of head of Europe Claudio de Sanctis, who will leave the bank to join Deutsche Bank's wealth arm in December, as Europe is split in two. 

The seven new business areas are Latin America, Brazil, Northern Europe, Southern Europe, Emerging Europe, Middle East and Africa.

The private bank has also named Marco Abrahão as the leader of Brazil and Jorge Fernández Amann as head of the remaining Latin American markets .

Abrahão, previously head of onshore private banking in Brazil, will now oversee both onshore and offshore Brazil business. 

Fernández takes over IWM Latin America, excluding Brazil, from Inigo Martos, who has been selected to lead the Southern Europe business.

Fernández was previously responsible for Latin American advisory and services, according to a source with knowledge of the situation. Citywire Americas understands his new market consists of Mexico, the Southern Cone, the Andean region and external asset managers in Latin America.

Emerging Europe will continue to be run by Robert Cielen, said the memo. The Middle East will be overseen by Bruno Daher and Africa and NRIs will be led by Raj Sehgal.

Earlier this week, Bloomberg reported the group was working on splitting its International Wealth Management business through a program called ‘Project Momentum’.

It is understood that Credit Suisse has been working on the new structure since fall 2017 and all the new heads have been promoted from within the company.

Since chief executive Tidjane Thiam took the helm of Credit Suisse in 2015, the firm has been shifting away from investment banking toward wealth management.

In its latest earning results, IWM reported a pre-tax profit of 433 million swiss francss ($434.2 million), an increase of 19% year on year. 

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