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.
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.