Credit Suisse is reportedly experiencing a mass exodus in senior staff in China which is causing a delay in regulatory approvals for more onshore expansion.
Credit Suisse’s China securities venture has lost nearly half of its senior staff, according to a «Bloomberg» report citing unnamed sources. Exits include chief financial officer Annie Qiu, compliance head Xu Yang and chief information officer Larry Tung.
The China Securities Regulatory Commission told the Swiss bank it will wait until those positions are filled before conducting any on-site inspection, the final step required before business expansion.
Credit Suisse is planning to name ex-China Merchants banker Wang Jing, who joined as the onshore wealth head in 2020, as the head of its securities venture, the report added.
Delayed Plans
The bank was first reportedly expected to delay the launch of its onshore venture in June due to licensing challenges.
This marks a two-year delay since Credit Suisse was approved by regulators to take control of its mainland securities unit. Last year, it also announced plans to triple its headcount in China over the next three years.
