Credit Suisse offers higher rates to rebuild depleted assets

By Marion Halftermeyer and Denise Wee

07 Dec 2022 · 2 min read

Editor's Note

Credit Suisse is fighting to regain stability in what is supposed to be one of its least volatile businesses: private banking. Bloomberg looks at how it's trying to win over wealthy clients.

Credit Suisse Group bankers are trying to entice rich clients with higher-yield notes and bonus deposit rates in a bid to quickly recoup as much as possible of the almost $90 billion recently pulled from the bank.

The head of the Swiss lender's wealth unit, Francesco de Ferrari, is mobilizing his 1,800 relationship managers in a mass calling campaign with offers including a lowered threshold on balances entitled to an interest rate of 5% to 6%. In addition, the bank is offering notes that pay a fixed rate of close to 7% to compensate investors for lending their cash for a number of months, the people said, asking not to be identified as the plans are private.

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