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Bloomberg
Credit Suisse Group AG plans to triple its headcount in China over the next three years, ramping up its ambitions to gain market share as the nation’s financial market opens.
“We are planning to more than triple our presence in term of headcount in China over the next 3 years and look forward to strengthening our position,†Chief Executive Officer Thomas Gottstein said on a panel discussion at the China Development Forum.
The Swiss firm is looking to take full control of its securities venture over the next 12 months after last year gaining a majority stake, Gottstein said.
It also plans to apply for a banking license for its branch to “further enhance our core offering, across our businesses, private banking and investment banking,†he said.
Along with other major banks Credit Suisse is pushing into China as it opens its capital markets. Last year, it revealed plans to double its headcount, matching similar plans by rivals such as Goldman Sachs Group Inc.
Meanwhile, Credit Suisse Group AG raced to contain the widening fallout from the collapse of Greensill Capital as it acknowledged defaults are coming in a $10 billion group of now-frozen funds that the bank touted for their safety.
Facing client furor and regulatory probes over the collapse of the short-term debt funds, the Swiss bank demoted one of its top executives, withheld bonuses for some and separated the asset management unit at the center of the scandal from the much more valuable wealth unit.