More relationship managers have left Credit Suisse. The latest is a team of five private bankers based in Zurich servicing clients in Latin America.

Latin America executive Christiano Russo has left Credit Suisse, taking a team of four additional private bankers with him, Credit Suisse confirmed to finews.com. 

Raphael Kirschstein has been appointed head of our Central America desk in Switzerland and a succession of other team members is also in place to ensure that clients continue to receive a high-quality service, Credit Suisse said. «The bank remains fully committed to Latin America as a growth region,» a spokesperson added.

Focus on Mexico and Central America

Russo headed a team of private bankers servicing ultra-high-net-worth individuals (UHNWI) in Zurich who serviced clients in Latin America. Joining the managing director were Nicholas Parsons, Roberto Siman, Eduardo Risquez Gracia, and Eduardo Bregni.

Parsons, Bregni and Siman started working at Credit Suisse in 2021, while Risquez had a longer tenure. He came to the bank in 2016 as a UHNWI advisor in Latin America, with his most recent focus on Mexico and Central America.

Team of Four in Lugano

Last year Lugano-based PKB private bank poached a team of four from Credit Suisse as it looks to expand its business with Latin America's wealthy, as finews.com reported. It established a Latin American presence in 2012.

The departures come after Credit Suisse reported massive outflows of client funds earlier this month when it released its annual figures.

Massive Client Outflows

Clients already started withdrawing assets from the troubled lending in October, a trend that continued for the remainder of the quarter despite comments from chairman Axel Lehmann that they had stopped. Those comments are now being reviewed by the Swiss Financial Market Supervisory Authority Finma.

In the fourth quarter, Credit Suisse reported net outflows of 110.5 billion francs, bringing outflows to 123.2 billion for the year, a turnaround from 2021, when 30.9 million came into the bank. Wealth management made up the bulk of the outflow, with 95.7 billion attributed to the unit, of which 92.7 were in the fourth quarter.