Credit Suisse Group plans to double headcount in China in 5 years

Credit Suisse Group AG plans to double its headcount in China over five years as the firm accelerates its pursuit of the nation’s wealthy, seeking to move past a scandal that’s engulfed once-favoured client and Luckin Coffee founder Lu Zhengyao.

The bank has largely normalised approvals for Chinese companies, ending the increased scrutiny on loans that followed allegations of fabricated earnings at Luckin and a slowdown to weigh the impact of Covid-19.

Credit Suisse will add to its China workforce as it targets a 100 per cent increase in revenue there, Asia CEO Helman Sitohang said in an interview.