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Credit Suisse Voices Confidence on Private Banking Growth

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Credit Suisse Group said Tuesday it was confident in its ability to grow its flagship private banking arm, picking up business from rivals that have been weakened by the financial crisis and undeterred by pressure on Switzerland's banking secrecy laws, WSJ reports. The Zurich-based bank said it aims to keep ramping up hiring with an eye to employing 4,000 private bankers in 2012, from roughly 3,400 currently. The lucrative unit, which manages money for wealthy individuals and families, is on track to grow net new client funds by 6% in the medium term and post a gross margin of 110-120 basis points. In the second quarter this year the margin was 119 basis points.