Credit Suisse Group (CS) is using the credit crisis and the changing brokerage landscape to expand its private banking business. The Swiss bank, which has been less damaged by the mortgage debacle than some of its competitors, has been recruiting brokers to build up its U..private bank and compete to manage money for the richest of the rich.
Credit Suisse has added 106 “relationship managers,” as the firm calls its financial advisors, so far in 2008. They’ve joined from peers such as Goldman Sachs Group Inc. (GS), UBS AG (UBS), Citigroup Inc.’s (C) Smith Barney brokerage, and from Lehman Brothers Holdings Inc. (LEHMQ), which filed for bankruptcy protection.
Paul Connolly and Jonathan Galli, joined the Credit Suisses Boston office from UBS on Friday. The duo managed more than $950 million (754 millio) in client assets and had about $6 million in annual production over the past year.
Sanford Katz, a top-producing wealth adviser at UBS who had more than $1.7 billion assets under management, also recently joined Credit Suisse.
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