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A filing for The Eleven Group – a reference to the bank’s Madison Avenue address – describes "social networking services in the field of financial services" geared toward ultra-high net worth individuals.
Beyond traditional banking, those services include "venture capital, private equity, hedge funds and real estate funds; brokerage services for art, wine, jewelry, cars, boats, yachts and other luxury items," along with "conducting auction sales."
The filing doesn’t mean that the network will go anywhere, of course – but given the sweeping changes underfoot at the bank, it’s not surprising that Credit Suisse would explore new product offerings in conjunction with its recent restructuring.
In October, the Swiss-based bank said that it would close its U.S.-based private equity operations, citing a lack of "necessary scale to sustainably compete," a spokesperson told the Wall Street Journal.
Credit Suisse CEO Tidjane Thiam, who joined in June 2015, told reporters recently that the bank would undergo continued structural changes as part of a plan to shrink its investment banking and cut costs.
Naturally, the Internet has produced several social networking efforts geared toward the affluent – like Netropolitan, which launched in 2014, or even Luxy, a dating app for the wealthy. The Eleven Group, however, may be the first such concept conceived by a major bank.
Credit Suisse wouldn't provide any comment on plans for The Eleven Group, but Ad Age reported that the network would be intended to serve individuals "worth eight figures or more."
Annie Gaus is the technology reporter for the San Francisco Business Times