Credit Suisse has decided to create more regional units at the International Wealth Management division and to yield more powers to local managers. Meanwhile, the head of Europe is leaving.
Iqbal Khan’s international wealth management (IWM) doubled in size since its inception in 2015 and needs to reorganize to help it grow even further. The management committee therefore decided to implement a restructuring and to appoint a series of new regional bosses, according to a memo sent by Khan to his charges, which was obtained by finews.asia.
Head of Europe to Leave
In Europe, IWM will create a Northern European region run by Emma Crystal, a Southern European region led by Inigo Martos. The Emerging Europe region will continue to be run by Robert Cielen.
Claudio de Sanctis, the current head of IWM Europe, will leave the company, Khan said in the memo, without providing any information about where he would be going next.
Latin American Potential
The Middle East and Africa region, where the company has seen «excellent growth», will be divided into two, with the Middle East led by Bruno Daher and Africa by Raj Sehgal.
Credit Suisse sees a lot of potential to come from wealthy clients in Latin America and decided to create two regions. Brazil will be led by Marco Abrahao, while the vast rest of the region is the responsibility of Jorge Fernandez Amann.
Selected From Within
«I am convinced that this further regionalization will accelerate our growth strategy and help us enhance client delivery,» Khan said. All the new heads of regions have been appointed from within the ranks of the company, Credit Suisse said.
