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Credit Suisse Is Said to Freeze Plans for Miami Wealth Hub

June 26, 2020, 8:49 AM

Credit Suisse Group AG has frozen plans for a wealth management hub in Miami to attract billions in new money from the rich in Latin America, two people familiar with the matter said.

The early-stage discussions have cooled because legal considerations and investment costs outweighed expected returns, the people said, asking not to be identified because the talks are private. A bank spokeswoman declined to comment.

Switzerland’s second biggest lender had been considering a return to wealth management on U.S. soil after a four-year absence to boost growth in private banking, Bloomberg reported in September. Talks had focused on plans ...