Credit Suisse which has seen a wave of departures, is facing at least two more in Hong Kong as two senior private bankers have tendered their resignation.
The same day after the head of Credit Suisse's Asia Wealth business Benjamin Cavalli told «Reuters», that «In spite of all these rumors flying around that Credit Suisse is pulling back or pulling out of China, China is a long-term play for us,» another news outlet reported the resignations of at least two senior private bankers in Hong Kong.
Two Managing Directors
According to a story from «Bloomberg» (behind paywall), Echo Hui who is a managing director on the China team resigned this week, the news outlet reported citing a person familiar with the matter.
Another managing director Jeff Tsang who heads the team in Hong Kong has also indicated he plans to leave Credit Suisse, but it was uncertain if the resignation was accepted, according to people familiar.
Long-Term Strategy
The board of Credit Suisse has been meeting in Singapore this week and is divided on how much it needs to slash at its investment bank, as finews.com reported. In addition, reports of job cuts of around 5,000 staff have been making the rounds in the press.
Along with the announcement of its disastrous second quarter results of a $1.6 billion loss, Credit Suisse said it was reviewing its long-term strategy, but that it would not give an update until it releases its third quarter results. Since then, however, a great deal of ink has been spilled about potential job cuts along with discussions on what to do about the troubled investment banking unit of Credit Suisse.
To be sure, the bank is also managing to hire even in these troubled times, but resignations at a unit that it is trying to make a cornerstone of its makeover is not a good look.
