Credit Suisse’s deputy head of wealth in Asia resigns

SINGAPORE, Oct 5 (Reuters) – Young Jin Yee, vice president of Asia Pacific wealth management at Credit Suisse (CSGN.S), has resigned, according to a company memo reviewed by Reuters and confirmed by a spokesman for UBS.

The departure comes as concerns over Credit Suisse’s ability to restructure its business without seeking more capital from investors have sent the bank’s shares to record lows.

Two people familiar with the discussions told Reuters that some of the bank’s wealth management clients, some of whom have been moving money, have recently become concerned about its turnaround, according to a person familiar with the matter. The unit is expected to be the centerpiece of the bank’s transformation plan.

Sign up now for free unlimited access to

On Wednesday, a memo on Yang, sent to staff at the unit by Benjamin Cavalli, head of wealth management in Asia Pacific, said Yang would be leaving “to pursue greater opportunities outside Credit Suisse.”

Young, who is also head of the bank’s wealth business in Singapore, was appointed to her role in January and has been with the bank for nearly 20 years. She is also Chief Executive Officer of Credit Suisse’s charitable arm, the SymAsia Foundation.

The bank insisted its capital and liquidity were strong, saying it would have more to say on strategic overhauls when it releases third-quarter results on Oct. 10. 27.

“As our group chief executive said, we are in a healthy capital and liquidity position,” Cavalli said in an email reply to Reuters queries.

Sign up now for free unlimited access to

Reporting by Anshuman Daga; Editing by Clarence Fernandez, Muralikumar Anantharaman and Jan Harvey

Our Standard: The Thomson Reuters Trust Principles.

Source link