We continue to invest in compliance and controls across the region, and the investment in these functions has outpaced some of the frontline functions, Credit Suisse's head of Asia said on Thursday.
Credit Suisse's Helman Sitohang did not give any specific numbers of recently on-boarded staff he emphasised the importance of attracting the highest level of professionals into the compliance and control division, a unit that in Asia has become an even more important division of the group.
Switzerland’s second largest bank has added 100 relationship managers (RMs) on the year, but there has been no change from the second quarter of 650 RMs in Asia-Pacific (APAC).
Japan to Grow
The wealth business had been underpinned by strong activity from entrepreneurs and ultra-high net worth clients who have shown broad based investment appetites, Sitohang said.
After the recent appointment of new country head Tsuneaki Hirao as managing director and head of private banking for Japan, the CEO said that he expects to see more hiring in Japan.
Hong Kong Regulatory Action
When quizzed on the recent moves by the Hong Kong Securities and Futures Commission (HKSFC) on IPO sponsorship irregularities which has sucked in Standard Chartered and fellow Swiss bank UBS, Sitohang would only say that he was unaware of any significant issues but would not comment further.
In October 2013 the HKSFC introduced a strict new regime that demanded higher standards from sponsors of IPOs and made banks liable if listing prospectuses were found to have misled investors.
Momentum Building
Over the first nine months of 2016 Credit Suisse leads the way in terms of the share of wallet among international investment banks in Asia, and with the launch of the onshore securities business Credit Suisse Founder Securities (CSFS) this week, Sitohang believes there is a strong momentum for Credit Suisse in APAC.
