- Exceutive oversaw coordination of investment, private banks
- Swiss lender retreating from managing money for U.S. clients
Nathan Romano, who helped Credit Suisse Group AG foster better teamwork between investment-bank and private-banking operations, plans to leave as the Swiss lender retreats from managing money for U.S. clients.
Romano, who joined the Zurich-based firm from Bear Stearns Cos. in 2008, has overseen the “One Bank” initiative in the Americas, helping drive the effort to deepen ties with clients including hedge funds, according to a Feb. 11 staff memo obtained Wednesday by Bloomberg. Nicole Sharp, a spokeswoman, confirmed its contents and declined to comment further.
The approach championed by Romano was part of a plan hatched more than a decade ago by then-Chief Executive Officer Oswald Gruebel to boost profits by making the investment banking, asset management and private banking divisions share clients and expenses. Gruebel left Credit Suisse in 2007 and later joined UBS AG.
Credit Suisse reached an agreement with Wells Fargo & Co. in October to smooth the recruitment of the Swiss lender’s private-bank employees as it retreats from overseeing wealth for customers in the U.S. The Swiss bank’s CEO, Tidjane Thiam, laid out plans for a broader reorganization of the company that month as he seeks to cut costs and boost profit.
Credit Suisse plunged to a 27-year low on Feb. 11 as a selloff across the industry compounded doubts about Chief Executive Officer Tidjane Thiam’s restructuring plans. The stock was unchanged 13.58 Swiss francs in Zurich trading as of 9:08 a.m.