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Note: The recent announcement of net new inflows of Sfr44.2 billion, on top of group net income of Sfr6.7 billion for 2009, shows that a strategy of integration is paying rich dividends for Credit Suisse, sending wealth management business storming past arch rivals UBS to take the top spot in Euromoney's private banking rankings. Can the bank retain its momentum?
Private Banking and Wealth Management Survey 2010
The old order changes
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Credit Suisse reaches the summit of private banking
Private banking: Oswald Grubel claims the tide is turning for UBS
JPMorgan takes the top spot (Ultra-high net worth)
Asian private banking: Clients return to risk cautiously
Latin American private banking: Advisers sceptical of highs
France's private banks widen their nets
Deutsche lays out big ambitions
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A strategy of integration is paying rich dividends for Credit Suisse, sending the Swiss private bank storming past local rival UBS to take the top spot in the global rankings. Now it needs to maintain that momentum. Helen Avery reports.
THE WINDOW DISPLAYS at Credit Suisse Private Bank's headquarters on Paradeplatz, Zurich, would not seem out of place at Saks Fifth Avenue or Fortnum & Mason. Every window sparkles with fairy lights, framing sledges, hats, boots, books, ski poles, trees, snow. Each one has a message. A battered antique sledge: a gift from your grandparents. A pair of mittens: a gift from your grandchildren. The slogan in this window: "A bank that has been with you for 80 years."
It's warm and fuzzy, and it's the way the Swiss feel about Credit Suisse. The big bank that didn't have to go to the Swiss taxpayers for money. The big bank that hasn't been naughtily advising foreign clients to evade their taxes. The reputational beating that Switzerland has taken was not caused by this bank.
But beyond the schmaltzy windows of Paradeplatz lies a global story of success. And it's not just about wealth management, as the firm embarks on the final stretch of its integrated strategy whereby the private and investment banks work together to serve clients.
Such news would probably shock smaller customers of the private bank. After all, 2008 and early 2009 showed investment banking to be inherently risky...