Credit Suisse Group AG’s Hong Kong-based head of equity derivatives and convertibles sales for Asia Pacific, Min Park, is leaving the bank, according to two people familiar with the matter.
The decision was announced this week, one of the people said, asking not to be identified because the matter isn’t for public disclosure. The people didn’t elaborate on the reasons for Park’s departure. Queries sent to Park’s corporate e-mail address weren’t immediately returned and a call to his office was answered by his secretary who said he is no longer with the company. Josephine Lee, a Hong Kong-based Credit Suisse spokeswoman, declined to comment.
Switzerland’s second-biggest bank said in February it is seeking an additional 400 million Swiss francs ($429 million) in cost savings by the end of 2015, on top of 4 billion francs in planned cuts announced since 2011. The company said last month it would eliminate 94 jobs at its main New York office beginning April 1.
Credit Suisse is this year’s 16th-largest issuer of structured notes globally excluding the U.S., according to data compiled by Bloomberg. The bank’s stock has risen 15.5 percent this year.
Park joined Credit Suisse’s Hong Kong office in 2009 with Ken Pang from UBS AG to oversee derivatives and convertible sales, trading, risk management and infrastructure development in Asia, the bank said at the time.