Skip to main content
Advertising

Originally published Wednesday, March 27, 2013 at 5:09 AM

  • Share:
           
  • Comments (0)
  • Print

Credit Suisse buys Morgan Stanley wealth unit

Credit Suisse Group will buy Morgan Stanley's wealth management businesses in Europe, the Middle East and Africa, but not in Switzerland.

The Associated Press

Most Popular Comments
Hide / Show comments
No comments have been posted to this article.
Start the conversation >

advertising

GENEVA —

Credit Suisse Group will buy Morgan Stanley's wealth management businesses in Europe, the Middle East and Africa, but not in Switzerland.

Switzerland's second-largest bank says it is acquiring $13 billion in assets mostly belonging to wealthy people across Europe, but it didn't disclose further details.

Romeo Lacher, head of Credit Suisse's Western Europe private banking, said Wednesday the deal will accelerate "growth momentum" in the wealth management business. He suggested the new employees would be retained.

With one of the world's biggest private banking operations, Credit Suisse has been overhauling its investment banking division and merging its private banking and wealth management arms to cut costs and satisfy regulators.

Last month it said it had returned to profitability in the fourth quarter but was cutting costs more than previously planned.

News where, when and how you want it

Email Icon


Advertising
The Seattle Times

The door is closed, but it's not locked.

Take a minute to subscribe and continue to enjoy The Seattle Times for as little as 99 cents a week.

Subscription options ►

Already a subscriber?

We've got good news for you. Unlimited seattletimes.com content access is included with most subscriptions.

Subscriber login ►