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Credit Suisse to Charge Wealthy for Swiss Franc Holdings

  • Charges on euro deposits already imposed by Credit Suisse, UBS
  • Lenders looking to ease the blow of negative interest rates
A tram passes Credit Suisse Group headquarters in Zurich.
A tram passes Credit Suisse Group headquarters in Zurich.Photographer: Stefan Wermuth/Bloomberg
Updated on

Credit Suisse Group AG plans to impose charges on more wealthy clients as it prepares to spread the pain of negative interest rates.

The bank expects to start charging for Swiss franc deposits after imposing a 0.4% fee on euro accounts of more than 1 million euros ($1.1 million), according to a person with knowledge of the matter. Credit Suisse plans to inform private banking clients of the franc deposit charges in the autumn, the person said, asking not to be identified because the matter is private.