Credit Suisse Group-which said this month that it plans to shutter its private banking business in the United States and Canada-announced a restructuring Tuesday of its private banking business worldwide.
The Zurich-based banking company said it would reorganize the business into five groups serving onshore and offshore clients in Europe, the Middle East, Latin America, and the Asia-Pacific region.
The company also said that Ruedi Stalder, a member of the executive board who heads private banking for the Americas region, will retire at yearend. A former chief financial officer of Credit Suisse First Boston, Mr. Stalder joined the bank in 1980 as a founding member and deputy head of its multinational services group.
A spokesman in New York for Credit Suisse said it hopes to transfer the assets of private clients served in North America to other locations in its private bank or to other subsidiaries, including BEA Associates and Credit Suisse First Boston.
Some relationship managers from the U.S. and Canadian private banking offices will move with their client accounts to these other units, the spokesman said.
"That's not going to happen across the board," he said. The private bank has 30 relationship managers in North America.
The spokesman added that the transition and the ultimate closing of private banking in the United States and Canada will take about six months to complete.