Where else but Switzerland, with a stable rule of law and a strong currency, could the ultra-rich park their rainy-day funds, is the thinking. Credit Suisse is considering applying for a license from the Securities and Exchange Commission to court U.S. clients, several people familiar with the matter told finews.com. A spokesman for Credit Suisse didn't comment.

UBS Holds Top Spot

In Switzerland, Credit Suisse would be in good company: more than 40 companies have applied for the license. The largest is UBS, which manages roughly $5 billion in Swiss Financial Advisers (UBS-SFA). Smaller players including Zurich's Vontobel and Genevan wealth manager Pictet have also snapped up a piece of the market.

Ironically, Credit Suisse also had a similar unit until it exited the U.S. in 2014 with a $2.5 billion fine. The U.S. business has grown increasingly cut-throat, as finews.com reported. This is because the $20 billion market is nearly stagnant; if wealth managers want to grow, they have to poach clients from their rivals.

U.S. Acquisition?

It is impossible to predict what Credit Suisse's re-entry into the U.S. market – provided it happens – would look like. An industry veteran notes that it would be highly unusual for a wealth manager of Credit Suisse's heft to dip in without a physical wealth presence in the U.S. 

The bank can only build a strategic position quickly with an ample number of financial advisers. This could, this person said, lead to Credit Suisse acquiring a smaller wealth manager in the U.S. Hometown rival employs 6,700 staff in the U.S., and has high hopes for a business with wealthy American expats.