Best Private Bank in Switzerland 2006: Credit Suisse reclaims its title
After losing out to its nemesis UBS in last year’s poll, Credit Suisse has reclaimed its title as best private bank in Switzerland. The bank attributes its success to the completion of a two-year root and branch reform of its core advisory process. “We started with in-house research that simply asked our advisors how they would define the Credit Suisse advisory process,” says Arthur Vayloyan, head of private banking in Switzerland at Credit Suisse. “What we found, which is probably what you would find in a lot of companies, was that when you ask 10 different people you get 10 different answers. This was a strong indication that we had to become much more rigorous about our advisory process. ‘We’ meant all of us, starting at the top; because it’s important for us to set an example and to be able to be a correcting factor, if necessary. Vayloyan: a more rigorous approach“Our advice strategy was a real step forward. At first we had internal resistance. It was such a basic thing that it raised a lot of eyebrows. People were asking: ‘We’ve been doing this very well for 150 years so why do we need to change?’ But the market changes every day so we needed to change too.