Credit Suisse, a Swiss multinational investment banking company and the second-biggest bank in the country will be dividing its international wealth-management into seven regions- Africa, Western and Southern Europe, Central and Eastern Europe, Latin America and the Middle East, in order to regionalize the bank.
Credit Suisse CEO Tidjane Thiam has always been trying to lower cost for the bank as well as planning to regionalize it. Lately, the company has been focusing on wealth management. The competition in such service is very strong- one of the strongest includes UBS, known for being the world’s largest wealth manager and also based in Switzerland.
As they start a new chapter for their company, the company sees the opportunity to break its international wealth-management into seven different regions- especially those in Europe. The strategy they decided to call, Project Momentum, is the first step on regionalizing the bank in hopes that it will be a success.
The project will be giving different privileges to each region. With the help of Iqbal Khan, unit leader, they will be giving each region the independence to make their own decision- as long as it is beneficial to the growth and development of the bank. It was also reported that each region will also have its own management.
Khan is believed to be more than capable of succeeding in this project.
The following information was gathered by Bloomberg from the people who were briefed about the matter and until now the Swiss bank has not yet released a statement regarding the issue.