Credit Suisse is reportedly expected to name a new Asia Pacific chief executive to replace Helman Sitohang, who has held the role since 2015.
Credit Suisse is poised to name Edwin Low as the new APAC CEO, according to a «Bloomberg» report citing unnamed sources.
According to the news service, the step ostensibly pends final internal approvals. If the move were to take place, Low would succeed Helman Sitohang who is expected to remain with the bank and take on a new role that is focused on client coverage.
According to a spokesperson for the bank, Credit Suisse regularly discusses succession plans and reviews senior appointments, noting that it is implementing the new strategy and structure announced last year, although no board decisions have yet been taken.
Edwin Low
Low, who has spent more than two decades at Credit Suisse, is currently the APAC co-head of investment banking and capital markets (IBCM) as well as Southeast Asia CEO. He currently works alongside Sitohang.
Low was named to his current role in late 2021 as part of an overhaul to better centralize risk management activities and simplify reporting lines. As part of the restructuring, four global units were created, eliminating much of the regional autonomy that Asia enjoyed under Sitohang’s leadership.
Other top leadership changes potentially underway include that between group general counsel Romeo Cerutti and UBS' recently departed counterpart Markus Diethelm, as reported by finews.asia, as well that of chief financial officer David Mathers.
First Quarter Results
Credit Suisse is still feeling the impact of a series of recent scandals, most notably the collapses of both the Greensill supply chain finance funds and the Archegos family office, both of which led to significant losses and a reshuffling of senior management.
Last week, it issued a profit warning for the first three months of 2022 – its fifth warning in six quarters.
Credit Suisse is set to report its financial results for the first quarter later today.
