LGT is in the process of adding around two dozen former staff from Credit Suisse in an effort to strengthen its private banking business in Japan.
LGT named Yoshitaka Nagakura market head for Japan earlier this year, according to a «Bloomberg» report citing unnamed sources.
The Liechtenstein-headquartered bank is in the process of setting up its private banking operations in the third-largest economy which will be led by Nagakura.
He is amongst a number of other Credit Suisse employees who have joined or are in the process of joining LGT.
Asian Expansion
LGT’s expansion in Japan follows its recent results announcement that saw profits edge lower in 2020 driven in part by spending on staff which grew by 176.
Asia was amongst the markets highlighted for growth including in Bangkok where it set up its private bank and grew its headcount to 24.
Credit Suisse’s latest exodus of private bankers adds on to its ongoing headwinds which include a $5.5 billion hit linked to losses from the collapse of family office Archegos and Greensill supply chain funds.
