Credit Suisse plans to recruit 1,000 people for its private bank and wealth management unit over the next three years, it was announced on Wednesday.
New chief executive Tidjane Thiam spilled the beans on the same day he said the Swiss bank would cut thousands of jobs in the UK, US and Switzerland as part of a three-year strategic plan.
“We want to be a leading private bank and wealth manager,” said the INSEAD MBA graduate.
He said Credit Suisse planned to slash 2,000 jobs in the US; between 1,600-2,000 in London, and 1,600 in Switzerland from its 48,000 global workforce.
Yet the announcement illustrates the wealth of potential MBA job opportunities opening up in private banking, as several of the top global banks retrench from their more risky investment banking activities. Both BNY Mellon and Bank of America have said they have increased wealth management headcount.
As well as at banks, “there are opportunities with small, boutique firms”, said Paula Quinton-Jones, director of career services at Hult International Business School.
Details of Credit Suisse’s recruitment plans were sparse. But documents published show the bank plans to hire 300 more relationship managers by 2018, a 25% increase on last year’s headcount, with 200 in emerging markets.
Patrick Lecomte, an executive director of the Advanced Master in Financial Techniques at ESSEC Business School, said: “Relationships are key in the private banking industry.”
Christelle Cuenin, assistant director of corporate partnership development at INSEAD, said there is high demand for talent to fill relationship management roles.
“For [private bank] investment professional roles, demand is steady but firms tend to look for experienced profiles — MBAs who were perhaps in a similar area prior to the program,” she added.