Credit Suisse is accelerating its pursuit of China's wealthy.
CREDIT Suisse Group AG plans to double its headcount in China over five years as the firm accelerates its pursuit of the nation’s wealthy, seeking to move past a scandal that’s engulfed once-favoured client and Luckin Coffee Inc. founder Lu Zhengyao.
The bank has largely normalized approvals for Chinese companies, ending the increased scrutiny on loans that followed allegations of fabricated earnings at Luckin and a slowdown to weigh the impact of Covid-19. Credit Suisse will add to its China workforce as it targets a 100% increase in revenue there, Asia Chief Executive Officer Helman Sitohang said in an interview. Its China securities venture had 154 staff at the end of last year, and the lender also offers financing, trading, wealth and asset management on the mainland.
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