The two new heads of Credit Suisse's Asian private bank are slimming the Swiss firm's management in the region, finews.asia can report exclusively. The move is costing a prominent banker his job.
Seven weeks ago, Francesco de Ferrari shocked the wealth management industry by leaving his plum job to run a scandal-tarnished wealth manager for the affluent in Australia.
This week, the two men who succeeded the Swiss banker – Francois Monnet and Benjamin Cavalli – are taking things into their own hands: the duo have carved up roles and responsibilities at the Swiss-based private bank's wealth arm in Asia, according to a memo seen by finews.asia.
Prominent Exit
The two will divide up developed and emerging Asian markets along their respective geographies – Monnet (pictured below) in the north, and Cavalli for south Asia. As a result, the bank's long-standing head of developed and emerging Asia, Alex Wade, will leave.
Wade has been in the role since 2015. Previously, he was chief of staff to de Ferrari for three years. A spokeswoman for Credit Suisse didn't comment on the changes, which translate to a slimming of Credit Suisse's management in Asia following de Ferrari's exit.
Divvied Up
As a result, Monnet will take over Japan's domestic as well international markets and the Asia-Pacific Swiss market, while Cavalli clinched control over Australia, where he and the Indian subcontinent (which includes the non-resident Indian business as well as domestic India, Pakistan, and Sri Lanka).
Both are both long-standing Credit Suisse bankers: Monnet, who is based in Hong Kong, has championed a fintech push in the region, while Cavalli, in Singapore, is a nine-year veteran of the bank and former investment banker. Both Cavalli and Monnet, who report to overall Asia head Helman Sitohang, are former UBS bankers.
