SINGAPORE/HONG KONG - Three Credit Suisse Group private bankers in Singapore, who collectively manage about US$1 billion (S$1.4 billion) in client assets, are leaving, people familiar with the matter said, adding to staff departures at the troubled Swiss bank.
Those leaving the bank include Mr Gautam Anand, a managing director and team leader at the bank’s non-resident Indian (NRI) business desk in Singapore, said the people, who declined to be named as they were not authorised to speak to the media.
Mr Anand, who, according to his LinkedIn profile, has been with Credit Suisse in Singapore for more than nine years, is set to join a rival global private bank’s regional team soon, said the people.
Mr Akshay Menon and another private banker from Credit Suisse’s Singapore NRI team, which has about a dozen bankers who are responsible for managing the wealth of overseas Indians, are also leaving, said the people.
Mr Anand and Mr Menon did not immediately respond to Reuters’ requests for comment sent via LinkedIn.
Credit Suisse declined to comment.
The latest staff departures at Credit Suisse’s Asia unit come on the heels of Singapore-based Ms Young Jin Yee resigning from her role as the deputy head of the bank’s Asia-Pacific wealth management business.
Ms Young, who had been with Credit Suisse for nearly two decades, has been appointed as the Asia-Pacific head of Deutsche Bank’s international private bank.
Some of Credit Suisse’s wealth management clients have recently become concerned about its turnaround, two people familiar with the discussions have told Reuters, and some have been moving funds, according to one of the people.
The wealth management division is expected to be the centrepiece of the bank’s turnaround plan.
Elsewhere, Credit Suisse’s investment banking chief, Mr Christian Meissner, will be leaving the bank once it has announced a strategic overhaul on Oct 27, a source familiar with the situation said on Monday.
Credit Suisse is trying to recover from a string of scandals, including losing more than US$5 billion from the collapse of investment firm Archegos last year, when it also had to suspend client funds linked to failed financier Greensill. REUTERS
