- Cheng, Metzger, Liu are said to be among those departing
- Credit Suisse slips to eighth in Asia equity sales rankings
Five senior investment bankers are leaving Credit Suisse Group AG in Asia, people familiar with the matter said, amid moves by Chief Executive Officer Tidjane Thiam to shift the Swiss bank’s focus to managing money for the wealthy.
Among those who have decided to quit are David Cheng, the bank’s head of corporate finance for Asia, and Jan Metzger, the Asia-Pacific head of technology, media and telecommunications investment banking, the people said, requesting anonymity because the matter is private.
Catherine Liu, a director and head of media and technology coverage for China, plans to leave Credit Suisse at the end of September and may join a technology company, the people said.
Credit Suisse plans to scale back its investment bank in favor of managing money for rich clients, Thiam said in July, soon after joining the bank. Thiam was formerly head of U.K. insurer Prudential Plc. Credit Suisse is the third-biggest private bank in Asia after Citigroup and UBS AG, according to a ranking published by Asian Private Banker.
Sheel Kohli, a spokesman for Credit Suisse in Hong Kong, declined to comment.
Cheng will join Bank of America Corp. to take up the same corporate finance role for the region, and Metzger is leaving for Citigroup Inc., the people familiar with the matter said. Mark Tsang, a spokesman for Bank of America in Hong Kong and James Griffiths, a Citigroup spokesman, both declined to comment.
Harry Zen and Abhishek Pandey, directors at the investment bank who were based in Jakarta and Singapore respectively, are also among the departures, the people said. A person who answered the phone at Credit Suisse’s Jakarta office said Zen no longer works at the firm. A person at the Singapore office was unable to locate Pandey in the firm’s directory.
Credit Suisse has slipped to 8th in the ranking of banks arranging share sales in Asia, excluding Japan, from third place last year, according to data compiled by Bloomberg. The Swiss bank arranged 36 deals worth $5.6 billion in the region so far this year, compared with 67 deals worth $11.1 billion for the whole of 2014, the data showed.
Another recent departure from the bank was Zhang Liping, 56, who resigned in July as co-chief executive officer for Greater China. His position has effectively been filled by Janice Hu, who was recently prompted to become the bank’s vice-chairman for China from her previous role as vice-chairman of China investment banking, the people familiar with the matter said.
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