ZURICH: The UK’s Barclays and Switzerland’s Julius Baer have targeted Credit Suisse’s International Wealth Management business, which in July saw its head Iqbal Khan depart before hiring a total of 14 bankers.
Barclays, which is looking to hire and expand its private banking business in Switzerland, announced six new Zurich hires on Tuesday, three of whom will help unveil a fresh Israel desk out of the Swiss financial hub.
Four of the six hires, including new Israel desk head Amit Ben Sira, joined from Credit Suisse, according to their LinkedIn profiles and commercial registry filings.
“We’ve been looking for the best talent in order to support our growth ambition in Switzerland and capture the opportunities provided by a financial center such as Zurich,” Barclays Swiss head, Gerald Mathieu, said.
Meanwhile, Julius Baer said in a statement it had recruited 10 ex-Credit Suisse wealth managers to develop its Portuguese business out of Madrid, with José Maria do Cazal-Ribeiro becoming head of marketing for the country.
“The hire of this comprehensive senior team demonstrates our long-term commitment to growing market in Portugal,” Baer’s head of western Europe, Carlos Recoder, said in a statement, adding the institution considered Portugal a strategic market to be further developed and was committed to investing in its growth.
Credit Suisse said its fresh Portugal team was in place and unaltered in size, reflecting its commitment to the market where it has continually grown since establishing a Lisbon branch in 2013.
The Swiss bank said its Israeli market area had also seen steady growth. “Credit Suisse is fully committed to Israel and our Israeli clients and will continue to grow and invest in this key market,” a spokesperson of the bank said.
Switzerland’s second-largest lender confirmed the departures, which it said dated from well before the summer.