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October 5, 2022

Credit Suisse sees exodus of additional private bankers in Hong Kong

Credit Suisse Group has lost five more private bankers in its Hong Kong arm as the group continues to  wrestle hard to retain talents, reported Bloomberg.

The latest departures include Luke Chiu, a managing director and market leader in China and Nelson Hui, a director and team leader for China, the report said citing people privy to the development.

It also includes the resignation of two relationship managers from the bank.

A spokeswoman for the Swiss lender refused to give any update on the matter.

Both Chiu and Hui also refused to offer any comment over the report.

This comes shortly after Credit Suisse named Jing Wang as CEO of its securities joint venture in China.

A few weeks back, Steven Lau, a director of the firm’s Hong Kong unit left the bank to join a rival company, unnamed people told Bloomberg.

It is in addition to the last month’s departures of two senior private bankers.

Meanwhile, Credit Suisse’s shares slipped 12% to a record low on the first day of this week. The fall comes after concerns about financial wellbeing of the company making rounds on Twitter.

Credit Suisse plans to announce its emergency strategic review on 27 October this year. As part of the review, the bank is expected to withdraw its investment banking business on a large scale.

Previously, the bank announced plans to focus on markets like Hong Kong and Singapore to strengthen its wealth activities.

In 2020, it scooped up private banker Wang Jing from China Merchants Bank in a bid to augment its onshore wealth management business in mainland China. However, Credit Suisse is still awaiting final nod to serve affluent mainland China customers.

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