Credit Suisse is a true financial conglomerate and, according to the 2015 Forbes 2000 list, one of the 150 largest and influential public companies in the world. It recently underwent significant management changes following numerous scandals and billions of dollars in fines. Nevertheless, few investment or banking brands can match the bank's size, success or brand recognition.
Overview of Credit Suisse
Credit Suisse is a privately owned financial firm that dates back to 1856 and is headquartered in Zurich, Switzerland, where it was initially meant to fund the development of Switzerland's rail grid. Over time it became one of the most important and powerful Swiss institutions, and it has previously been recognized as the world's leading private bank.
The broader Credit Suisse Group (NYSE: CS) is a publicly traded, multinational holding group. Its operations include investment banking, asset management and various shared services, such as risk management, information technology and marketing.
By 2016, Credit Suisse Group claimed global operations in over 50 countries, more than 45,000 employees and three regionally focused divisions: Swiss Universal Bank, International Wealth Management and Asia Pacific.
Most Credit Suisse Group chief executives are relatively new to their positions. In 2015, Tidjane Thiam was named CEO of the broader Credit Suisse operation after performing the same role at Prudential Plc (NYSE: PRU). Each regional division also has a CEO, nearly all of whom were named to their positions in 2015.
The bank's chief executive for investment banking and capital markets is James L. Amine, who assumed the position in late 2015 after working as joint head of investment banking. Timothy O'Hara left his role as the other joint head of investment banking to assume the CEO spot for Credit Suisse Global Markets. At the same time, Thomas P. Gottstein was named CEO of Credit Suisse Swiss Universal Bank after serving as head of premium clients Switzerland, and Iqbal Khan assumed the role of CEO of Credit Suisse International Wealth Management after previously serving as CEO of private banking and wealth management.
The only Credit Suisse regional CEO to hold his position prior to October 2015 is Helman Sitohang, who took over the Asia Pacific wing in 2014 after five years in various other departments.
As of 2016, Credit Suisse had 12 directors on its board. Four members, including Chairman Urs Rohner, are Swiss citizens. The other eight members include directors from Qatar, the United States, Germany, Ireland, France, Australia, Austria and Great Britain.
Overview of Investment Team
The investment management wing, Credit Suisse Asset Management LLC, was founded in 1999 and is based in New York City, although it has other offices in San Francisco. It employs 2,200 people and manages $403.9 billion, as of Sept. 30, 2015.
The bank's investment management team is led by CEO Robert Jain, CFO Michael James Rongetti and COO Wescott Johnson. Jain, a Cornell alumnus, has served as an executive officer in the money management division since October 2012. Prior to his CEO position, he was head of stocks business at Credit Suisse. Rongetti and Johnson each joined the team in May 2013.
Overview of Asset Classes
Credit Suisse Asset Management divides its asset classes into 10 separate solutions and capabilities. These include equities, fixed income, index solutions, multi-asset class solutions, hedge funds, real estate, Credit Suisse Investment Foundation, commodities, energy infrastructure and private equity. The Credit Suisse Investment Foundation offers occupational benefits to Swiss institutions or special equity exposure to investment groups fully exempt from withholding tax on U.S. dividends.
Products Offered by Credit Suisse
Through its standard wealth management services, Credit Suisse offers estate planning, tax planning, a consortium of insurance products, real estate lending, forex services and basic investments such as mutual funds.
Investment banking products include all manner of equity and fixed income securities, mergers and acquisitions services, hedge funds and paid investment advice. Through Holt Investment Strategy Group, which uses Credit Suisse's resources, institutional investors can access equity indices, baskets and portfolios that allow instant access to markets, themes and proprietary investment strategies. The Holt Investment Strategy Group also performs debt and equity underwriting for public securities and private placements.
Credit Suisse Structured Products offers capital protection notes, reverse convertible securities, open-ended certificates, yield enhancement certificates and other derivatives for investors with more advanced needs.
There are very few financial products not offered by at least one of the major Credit Suisse Group divisions. It even created a social media site for the world's young billionaires.