The announcement that Hans-Ulrich Meister will be the new chief executive of private banking at Credit Suisse came as the Swiss firm today reported "solid" performance from its wealth management division in the second quarter.

Meister takes over from Walter Berchtold, who has run the private banking business for the past five years. Since 2008, Berchtold's unit has gained more than Sfr150bn ($187m) in net new assets from wealthly clients. This is almost three times more than its nearest rival, according to Credit Suisse chief executive Brady Dougan.