Swiss American Securities, which has provided integrated US brokerage and custody services to a mainly European client base from New York City, will no longer operate as an independent subsidiary of Credit Suisse Group.
Swiss American is being integrated into the Investment Banking Division of Credit Suisse in New York. In a press statement, Swiss American said “all current SASI transactions are expected to be settled within the next six months and the company will work with customers to find alternative providers of brokerage and custody services.”
Swiss American, which opened for business in 1939, currently employs 135 people. Staff are expected to stay during the transition, which will last most of this year, and the bank is hoping to give many positions elsewhere in the bank.
Swiss American was the only Top Rated US custodian bank in the 2006 Global Custodian survey of agent banks.