Credit Suisse smells the spilled coffee, seeks new beans to grind among China’s new millionaires
Moving past fall of Starbucks rival, Zurich-based bank plans to double headcount and revenue
Hong Kong — Credit Suisse plans to double its headcount in China over five years as the firm accelerates its pursuit of the nation’s wealthy, seeking to move past a scandal that has engulfed once-favoured client and Luckin Coffee founder Lu Zhengyao.
The bank has largely normalised approvals for Chinese companies, ending the increased scrutiny on loans that followed allegations of fabricated earnings at Luckin and a slowdown to weigh the effect of Covid-19. Credit Suisse will add to its China workforce as it targets a 100% increase in revenue there, Asia CEO Helman Sitohang said in an interview. Its China securities venture had 154 staff at the end of 2019, and the lender also offers financing, trading, wealth and asset management on the mainland...
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