You can now read 10 articles in a month for free on BostonGlobe.com. Read as much as you want anywhere and anytime for just 99¢.

The Boston Globe

Business

Credit Suisse buys Morgan Stanley wealth unit

Credit Suisse’s purchase won’t include Morgan Stanley’s wealth business in Switzerland.

Steffen Schmidt/Keystone/Associated Press/File 2011

Credit Suisse’s purchase won’t include Morgan Stanley’s wealth business in Switzerland.

GENEVA — Credit Suisse Group will buy Morgan Stanley’s wealth management businesses in Europe, the Middle East, and Africa, but not in Switzerland.

Switzerland’s second-largest bank said it is acquiring $13 billion in assets mostly belonging to wealthy people across Europe, but it didn’t disclose further details.

Continue reading below

Romeo Lacher, head of Credit Suisse’s Western Europe private banking, said Wednesday the deal will accelerate growth momentum in the wealth management business. He suggested the new employees would be retained.

With one of the world’s biggest private banking operations, Credit Suisse has been overhauling its investment banking division and merging its private banking and wealth management arms to cut costs and satisfy regulators.

Last month it said it had returned to profitability in the fourth quarter but was cutting costs more than previously planned.

You have reached the limit of 10 free articles in a month

Stay informed with unlimited access to Boston’s trusted news source.

  • High-quality journalism from the region’s largest newsroom
  • Convenient access across all of your devices
  • Today’s Headlines daily newsletter
  • Subscriber-only access to exclusive offers, events, contests, eBooks, and more
  • Less than 25¢ a week