Credit Suisse Private Bank Leaves US, Retrenches To Europe And Off-Shore Business

MANAGEMENT & INFRASTRUCTURE

NEW YORK--Credit Suisse, which operates one of the largest private banking businesses in the world, with $360 billion in assets under management, has decided to abandon originating new accounts in the US market because of what the bank describes as a "sub-optimal" concentration of assets in North America.

The restructuring means the private banking arm will focus its asset generation efforts on Europe, Asia and other markets. The bank will service its US accounts through its offices in these

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