Asia the Bright Spot as Credit Suisse Sees Red

Credit Suisse at One Raffles Link in Singapore

Credit Suisse at One Raffles Link in Singapore

Credit Suisse, the second largest Swiss bank, has suffered a loss of 302 million Swiss francs, as it reported its figures for the first three months of the year. In Asia however the bank continues to build momentum. 

Despite poor performance and write downs in Europe and the U.S. once again Asia-Pacific (APAC) proved to be a reliable source of positive contributions to the bottom line at Credit Suisse.

Urs Rohner, Chairman of the Board of Directors, and Tidjane Thiam, Chief Executive Officer, said they were encouraged by the strong underlying performance of the wealth management focused divisions. Compared to the fourth quarter of 2015.

Massive Increase in Relationship Managers

«We have been recruiting relationship managers to help drive growth: at end of the first quarter of 2016 we had a total of 630 relationship managers in APAC, an increase of 40 relationship managers during that quarter alone and an increase of 100 relationship managers compared to the first quarter 2015,» they said in a statement.

Overall the APAC business grew their adjusted pre-tax income in the first quarter 2016 by 70 percent. The wealth management focused divisions delivered approximately 1 billion francs of adjusted pre-tax income. In particular, there were net new assets of 4.3 billion francs, for the APAC unit.

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