Credit Suisse's US private bank could nearly double the size of its relationship manager force over five years and is interested in acquiring a trust company to broaden its services to ultra-high net worth clients, according to Dow Jones.

Private Bank Americas chief executive Anthony DeChellis said in a "normalized market environment," the Credit Suisse unit could boost its US headcount to 500 from 390 "in less than three years and reach the 700 number in three to five years, the news service reported.

Compared with its Swiss rival, UBS, Credit Suisse has passed through the financial turmoil in relatively strong shape. Last week, it was reported that income before tax at the private banking arm of Credit Suisse fell by 8 per cent year-on-year to SFr892 million (around $833 million) in the first three months of 2010, hit by the impact of captive insurance settlements while net revenues rose by 1 per cent to SFr2.9 billion.

DeChellis said Credit Suisse's recruiting strategy is "about the quality, not quantity" of relationship managers.

The Swiss firm added 54 RMs last year, adding a further 10 this year.

"Hiring people in the last 12 to 18 months has been more challenging given all of the retention packages offered by our competitors," DeChellis was quoted as saying, adding that "those packages raise the price in a lot of cases to a level that we're unwilling to go to."

Credit Suisse's growth will also include a graduate intake, as DeChellis said the firm typically recruits 20 graduates from MBA programs annually.

"We'd like to get to 30 a year," he said.

Credit Suisse has 15 offices in the US, but may expand to about 20 in the near future, the executive added.