ZURICH — A private bank owned by Credit Suisse Group — but which is independently operated — said Thursday that its chief executive will leave next month, in the most recent sign of upheaval after a 2006 merger.
Zurich-based Clariden Leu said CEO Bernard Stalder will retire for personal reasons Nov. 15 and be replaced by the man recently appointed his deputy, Hans Nuetzi. Stalder wasn't immediately available for comment.
However, the move translates as the most recent sign of strain within Clariden Leu, a bank that caters to the financial needs of wealthy individuals. The bank was formed last year from several independently operated Credit Suisse banks - Clariden Bank, Bank Leu, Bank Hofmann and BGP Banca di Gestione Patrimoniale.
Growth since then has been difficult. Clariden Leu's first-half net profit fell 6% to CHF317 million because of merger costs.
Credit Suisse, which also has its own far bigger private banking operations, threw cold water on disposal speculation.
"Our strategy with Clariden Leu hasn't changed, and it remains an important part of our private bank," Credit Suisse Chief Financial Officer Renato Fassbind told a conference call on the bank's third-quarter earnings.
Speculation regularly flares up that Credit Suisse might sell Clariden Leu, much like rival UBS AG sold several private banks to Julius Baer Holding AG.
Clariden Leu caters to a specific client segment that might not otherwise be attracted to a major bank such as Credit Suisse, Fassbind said.
Clariden Leu manages CHF133 billion in client assets, making it a midsize Swiss private bank.
In June, a key executive left for rival Julius Baer, which sparked other defections.
In late August, Credit Suisse had named incoming CEO Nuetzi deputy CEO under CEO Stalder.
