Credit Suisse faces 8-month lag in new customers in Asia

New customers wait as long as eight months to open accounts with Credit Suisse Group AG in Asia after the lender stepped up scrutiny after a recent string of scandals, the Financial Times reported.

The lender's waiting list has grown to more than 600 as of February due to stricter wealth source standards, the FT reported, citing people familiar with the matter. After Credit Suisse eased scrutiny of customers considered "low risk" in May, the backlog narrowed to about 500, the newspaper added.  

So-called ordinary wealthy clients still wait six to eight months to get approved, while those with $10 million to $15 million to deposit and hundreds of millions in assets wait three to four months, the FT reported. That prompted some to turn to competitors like JPMorgan Chase & Co., which undermined staff morale, according to the report. 

Credit Suisse is trying to bolster a reputation tarnished by a string of scandals, including the collapse of Archegos, the collapse of partner Greensill Capital and a string of profit warnings.   

The lender told the FT that it is important that it fully complies with all regulatory requirements when registering new accounts and considers the necessary IT and staff.