Money Briefs: 2 senior Credit Suisse Asia execs leaving

2 senior Credit Suisse Asia execs leaving

HONG KONG • Two senior Credit Suisse Group executives are leaving the firm in Asia, sources said, as the Swiss bank continues to cut costs. They said the two are Mr Donald Lee, co-head of cash equities for the Asia-Pacific region, and Mr George Chow, co-head of investment banking and capital markets for Greater China.

The bank declined comment. Chief executive Tidjane Thiam is under pressure to deepen cost reductions as he pursues a plan to downsize the investment bank in favour of wealth management.

REUTERS


Flipkart raises $1.4b in bid to battle rivals

BANGALORE • Flipkart Online Services has completed a US$1 billion (S$1.4 billion) fund-raising exercise and aims to raise as much as US$1 billion more over the next few months, a source said, giving India's largest e-commerce company capital to tackle rising competition.

Flipkart closed the latest round last Friday at a valuation of about US$10 billion - a decline from US$15.5 billion in 2015.

BLOOMBERG

A version of this article appeared in the print edition of The Straits Times on March 21, 2017, with the headline 'Money Briefs'. Print Edition | Subscribe