The chief executive of Credit Suisse's joint securities venture in China is stepping down after less than two years in the role.
Tim Tu is stepping down as the CEO of Credit Suisse's securities venture in China and taking on another unspecified role in Hong Kong, moving from Beijing where he is currently located, according to a story in «Bloomberg» (behind paywall).
He will be replaced by Daniel Qiu, the head of investment banking and capital markets, becoming the interim CEO of Credit Suisse Securities China, according to a memo confirmed to «Bloomberg» by a spokeswoman. Janice Hu is the overall CEO for Credit Suisse in China, assuming the role in July of last year.
Tu is stepping down after less than two years in the role to which he was named in July 2020. His departure from the CEO role comes shortly after J.P. Morgan Chase's China venture CEO Houston Huang stepped down this month.
