Credit Suisse (CS) is not wasting any time in building its new private-banking business in the U.S. Last week, it hired Charlie Buckley as the unit's new boss. Buckley is joining Credit Suisse from arch rival UBS, where he managed a family office team.

One of Buckley's top charges is Markus Lammer (pictured left). He joins his new boss from Frankfurt, according to a report in «Private Banking Magazin».

Since 2009, the former Booz Allen Hamilton adviser has been chief operating officer, managing the CS business in Germany, Austria and central Europe.

Replacement in Germany

CS has appointed Bjoern Storim (pictured left) as a replacement for Lammer on the board of CS Germany. Starting this month, he will be colleague to Helene von Roeder, who chairs the board. Storim, 44, was appointed COO in May.

Storim managed the fixed income and institutional equity derivatives business in Germany and Austria for three years and was member of the German and Austrian Management Committee.

CEO von Roeder and COO Storim will remain the only board members in Germany as Matthias Zander, head of risk, will leave at the end of the month.

Banking With Millionaires

Buckley and Lammer meanwhile will be in charge of the new unit serving the rich businessmen and billionaires within the investment bank in New York.

The business is traditional private banking, but without typical private-banking services such as wealth management. The rich clients will receive services drawn from the investment bank, such as credit and capital market business or advise for takeovers and acquisitions.

Credit Suisse wants to attract very rich clients from the booming oil and gas industries or technology by offering investment banking services such as advice for initial public offerings.

In Line With Strategy

Starting the new wealth management unit may come as a surprise after the bank only recently sold its U.S. private banking business to Wells Fargo.

But focusing on rich clients is in line with the strategy designed by CEO Tidjane Thiam, who wants wealth management to work with the seriously wealthy and get them into a closer relationship with the bank achieve a so-called higher «share of wallet».

Success in Asia

If the strategy works, the investment bank's capacities can be better exploited. Credit Suisse has been very successful with this business model in Asia. In Switzerland, CS is about to improve on this model and in the U.S., the bank is embarking on creating it anew.

The U.S. has the most millionaires worldwide and the growth of millionaire households is second-fastest after Asia. With new companies in biotech, IT and energy emerging in recent years, the country has also seen the creation of a new group of rich business people.