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Credit Suisse’s Long, Lucrative Run Managing Russian Billions Comes to Standstill

Over the last two decades, Credit Suisse’s Babak Dastmaltschi has turned himself into the go-to banker for the wealthiest Russians. Clients included Alisher Usmanov, Roman Abramovich, Viktor Vekselberg, Oleg Deripaska, Andrey Melnichenko and Mikhail Fridman, said people familiar with the matter, who asked not to be identified discussing private information.

Tending to the needs of the super-affluent ended up being a profitable niche for Credit Suisse: At its peak, the Swiss lender managed more than $60 billion belonging to rich Russians, regularly bringing in $500 million to $600 million in revenues per year, said people familiar with the matter.