Credit Suisse's wealth managers are in line for double the bonus than their colleagues in other parts of the bank.
The Zurich-based firm's has lifted the bonus pool for its private bankers 7 percent on the year, according to a report from «Bloomberg» which cited sources. This is more than twice the 3 percent bonus rise in the wider bank.
The windfall reflects Credit Suisse's progress in a three-year restructuring under CEO Tidjane Thiam to lessen the Swiss bank's reliance on more volatile trading and investment banking, in favor of bolstering more predictable private banking activities – especially in Asia.
«We compensate our employees competitively,» Credit Suisse said. Last year, its private banking arm reported 37.2 billion Swiss francs in fresh money from clients – a key indicator of future revenue.
Onshore Expansion
In the fourth quarter, the bank took in 4 billion francs in net new money, a reversal of outflows it had suffered in the year-ago period. Overall assets under management rose 13 percent to a record high of 772 billion francs.
In Asia, Credit Suisse's assets stood at 196.8 billion francs, and it hoovered up 16.9 billion francs in fresh money, growth rate of 10 percent on the year. The wealth business is due to open offices in Manila later this year to tap another potentially lucrative Asian market.
