Credit Suisse’s Australian wealth management unit bid farewell to another fee earner on Thursday, as the bank thins out its ranks amid its mothership’s cost-cutting.
Street Talk understands Joerg Koeppenkastrop, a team leader for Credit Suisse’s advisers to the richest of the rich, finished up on Thursday.
The division is separate from the investment bank and provides investment, brokerage and mortgages to deep-pocketed investors. Rival firms expected Credit Suisse to gradually shift away from bespoke investment solutions for clients to focus on its debt offering. While bonuses are down by 30 per cent to 50 per cent across local outposts of all major investment banks, Street Talk is yet to see them lay off big licks of staff across any units. Goldman Sachs is the one we’ve spotted so far, with expectations of as many as 12 job cuts.
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