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September 29, 2022

Credit Suisse hires new CEO for securities JV in China

Credit Suisse has appointed Jing Wang as CEO of its securities joint venture in China in a bid to bolster its presence in the country.        

Wang, who headed the bank’s China onshore wealth management, will take charge of the Credit Suisse Securities (China) Ltd with immediate effect, reported Reuters citing a company memo.

Additionally, the bank is reportedly reviewing its global businesses as it plans to sell assets following a series of “scandals and losses”.

 In his new role, Wang has replaced Tim Tu, who now co-heads a financing group for APAC at Credit Suisse.  

Tim Tu, who left the position in April, is among a number of senior executives who quit the Chinese business this year. 

Following Tim Tu’s move, the head of investment banking and capital markets was appointed as the interim chief of the business.

Meanwhile, Credit Suisse has named He Lin as its new CFO and Eric Kang as chief information officer of the securities joint venture.

In their earlier positions, Lin and Kang served the bank’s China unit.

Reuters cited Greater China CEO Carsten Stoehr as saying: “We continue to make the important steps of enabling that securities joint venture to be a fully-fledged financial service provider in China.”

Commenting on the impact of the bank’s leadership reshuffle on its Chinese business, he said: “Will we make adjustments, will we have to reflect on what’s happening in the markets externally but also within the firm? Of course. But the direction of travel is very clear.” Earlier this month, Credit Suisse reportedly agreed to acquire the 49% stake owned by its partner Founder Securities in the venture, as it plans to introduce a wealth business in China in 2023.

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