Three private bankers have left Credit Suisse's South Asia wealth management business, finews.asia has learned.
Executive director Rai-Rummaan Kharal, director Haroon Tufail and vice president Shahid Qazi have left Credit Suisse, sources told finews.asia. The three private bankers covered the Pakistan market with Kharal as the team head.
Kharal joined Credit Suisse from Deutsche Bank in 2015 to lead coverage of the Pakistan market as well as ultra-high net worth and institutional clients in South Asia and the Middle East. Tufail also joined Credit Suisse from Deutsche Bank in 2015 while Qazi joined in 2016 after following stints with Emirates NBD and Standard Charted.
When contacted, a spokesperson for the bank declined to comment.
Global Job Cuts
Credit Suisse housed 52,000 full-time employees as of the end of the third quarter this year and it aims to reduce the figure to 43,000 by end-2025. A headcount reduction of 2,700 is already underway this quarter. Within the region, wealth management teams could reportedly also see a headcount cut of around 10 percent.
«Asia Pacific represents exciting opportunities and remains a key pillar of growth for the bank globally,» Credit Suisse said in a statement. «We remain fully committed to the region with a differentiated value proposition. The decisive actions announced to transform the bank will strengthen our franchise in the region with a laser focus on serving our clients.»
The trio of departures follows the reported exits of ex-Credit Suisse bankers, Gautam Anand, Akshay Menon and Gautam Bhargava to rival UBS, according to a «Bloomberg» report yesterday citing unnamed sources. Kharal was believed to have reported to Anand during their time at Credit Suisse.
