Credit Suisse is looking beyond China for talent and growth opportunities in the Asia Pacific (APAC) region as the Hang Seng slumps to a six-year low.
Speaking at the Morgan Stanley European Financials Conference 2022 in London, Credit Suisse CEO Gottstein said that a combination of China’s zero-Covid policy, its clampdown on sectors such as technology and its relationship with Russia have prompted the bank to seek growth in other parts of the region. “With China markets softening it’s hard to make any predictions in this market.”
Credit Suisse is in the middle of five-year plan to invest in China, both in investment banking and wealth management. The bank is looking to take full control of its China joint venture and a large chunk of its target to hire 500 relationship managers is accounted for on the mainland.