Credit Suisse Group chief executive officer Tidjane Thiam told Bloomberg that the bank plans to allocate more capital to wealth management to help it focus on banking for the world’s wealthy, and stay away from riskier securities activities.
Credit Suisse reported a net CHF14.2bn ($15bn) inflow into its Private Banking & Wealth Management arm.
Thiam said: "Asia Pacific delivered a strong performance. Effective collaboration and alignment between our Private Banking and Investment Banking franchises have led to excellent growth in profits in Asia Pacific.
"In our investment banking activities, profits declined in spite of a better performance in equities and advisory due to an increase in costs. We reduced our leverage exposure in the investment bank during the quarter and that process must continue."
In the second quarter of 2015, the unit reported net revenues of CHF3.1bn ($3.2bn) and recorded strategic net new assets of CHF15.4bn ($16bn).
Wealth management clients contributed net new assets of CHF9bn ($9.3bn) with continued strong inflows from Asia Pacific.
During the quarter, Investment Banking unit reported net revenues of CHF3.3bn ($3.5bn).
Credit Suisse Group chief financial officer David Mathers said: "So far in the third quarter, we have seen continued momentum in Asia Pacific, Wealth Management Clients and Equities."
Image: Credit Suisse headquarters at Paradeplatz in Zürich, Switzerland. Photo: courtesy of Thomas Wolf
