In a sign that Swiss-style private banking is not catching on in the United States, Credit Suisse is closing its U.S. and Canadian private banking operation.

"Even though the organization has made very good progress, especially following the restructuring of the Credit Suisse Group in 1997, both locations are still of suboptimal size," the Swiss bank said in a statement Thursday.

Limited Time Offer

Save $400 off your subscription. Special offer ends April 30, 2017.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.