Credit Suisse has eliminated a number of roles in its asset management office in Singapore, after unveiling plans to merge its private banking and asset management divisions globally.
The new Private Banking & Wealth Management Division will be headed by Hans-Ulrich Meister and Robert Shafir, who will continue their roles as regional chief executives for Credit Suisse’s Swiss home market and Americas region respectively.
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Nevertheless, the bank will continue to manufacture asset management products in Singapore, a spokesperson said. The bank declined to comment further.
Since last year, Credit Suisse has been boosting its private banking operations in Southeast Asia, and cutting back on less profitable areas in line with its global cost-cutting programme. Earlier this year, the bank also sold its investment in Aberdeen Asset Management.
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