Sunday, 8th November 2009

 

11 July 2008 - James Rutter

Credit Suisse hires from UBS to target Japanese billionaires

Credit Suisse has hired the head of Japanese wealth management from Swiss rival UBS to launch its private banking operations in the country.

Junya Tani will join Credit Suisse later this month. Before working at UBS, he headed product development for Citigroup's private bank in Japan.

Credit Suisse will target clients with at least Y1bn (€6m) in assets, ccording to a report in Japanese newspaper Nikkei. While Credit Suisse has had investment banking and asset management operations in Japan for 40 years, it has not previously offered private banking services.

HSBC pioneered private banking in Japan in the latter half of the 1990s, and is aiming to be managing Y1 trillion for wealthy Japanese by 2010.

As well as UBS, Merrill Lynch offers wealth management through a joint venture with local bank Mitsubishi UFJ. Japanese banks Mizuho, Daiwa and Nomura also provide wealth management services, according to Nikkei.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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