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Credit Suisse CEO Thomas Gottstein said Tuesday that he expects the firm’s wealth management business to slow down in the third quarter and bank consolidation to continue in Europe as the economy seeks to recover from COVID-19.

Credit Suisse has plans to double its number of Chinese employees in the next five years, as it continues to target the ultra wealthy in the region, a spokesperson for the Swiss bank said on Monday.

Banking regulators in China have approved a joint wealth management venture between U.S. asset manager BlackRock, Singapore state investor Temasek Holdings and China Construction Bank as the nation continues to open its financial sector to foreign players.

Credit Suisse will install a new CEO of its Chinese securities joint venture, about a month after the lender gained majority control of the entity, Reuters reported Wednesday.

Credit Suisse is preparing to lay off half of its mainland China investment banking team, according to Chinese business publication Caixin, after saying earlier this week it is looking to fully acquire its Chinese securities joint venture and expand its presence in the market.

Credit Suisse said it’s eyeing full ownership of its Chinese securities joint venture just one month after claiming a majority stake in the entity, as the lender looks to expand its presence in China.

Credit Suisse has been granted approval to take a majority stake in its Chinese securities joint venture, the bank said Friday, as banks rush to gain more access to China’s lucrative market while Beijing regulators ease restrictions on foreign firms.