Credit Suisse Group AG (CS) said it is seeing increased business in Europe as more clients want to protect their wealth from political turmoil and elections, according to a Bloomberg report citing an interview at the bank’s headquarters in Zurich.

“I would expect Europe to rebound in profitability,” said Iqbal Khan, Credit Suisse's head of international wealth management.

Last year, Credit Suisse was struggling with more cautious sentiment from wealthy clients, who were worried about the impact of events like the U.K. vote to leave the European Union, and they did not want to invest their assets. But Credit Suisse has been creating complex solutions to help those wealthier clients better manage political risks, Thiam said, according to Bloomberg.

“Europe is one of the biggest wealth pools, but it’s a different wealth pool from emerging markets,” Khan said. Europe “should have high profitability,” he said, because it actually has less risk than other regions worldwide. 

Credit Suisse last week reported fourth quarter revenue increased 24 percent to 5.38 billion Swiss francs ($5.4 billion). The bank revealed an annual loss of 2.4 billion Swiss francs ($2.5 billion) per share, which was greater than analysts expected. The results were significantly affected by the bank settling with the U.S. Department of Justice this year for $5.3 billion over its role in the housing market bubble that led up to the 2008 financial crisis. (See also: Credit Suisse Keeps Losing Money, Plans More Layoffs.)

The bank, meanwhile, raised the pay of some of its top bankers in the Asia-Pacific region by as much as 15 percent last year, according to another Bloomberg article, citing “people familiar with the matter.” Managing directors received compensation, including bonuses, of between $1 million and $1.5 million. Analysts and associates received an average 20 percent increase in compensation in the Asia-Pacific region, where the bank’s fourth quarter revenue increased 44 percent from the same quarter last year.

Credit Suisse shares are up about 8 percent since the start of the year, which is in tandem with the broader financial sector. Financial Select Sector SPDR Fund (XLF) is up 5.6% year to date.

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