Credit Suisse loses Asia deputy wealth head as departures mount

CREDIT Suisse Group’s deputy wealth management head for Asia is leaving after about two decades with the bank, joining a wave of departures from the embattled firm.

Young Jin Yee, based in Singapore, tendered her resignation last week and may be heading to another firm, according to a person with knowledge of the matter.

“We are in a healthy capital and liquidity position,” the bank said in a statement in response to queries from Bloomberg. “Here in Apac (Asia-Pacific), we are focused on ensuring that our clients get the advice they need to navigate challenging times in the markets.”

The Swiss lender, contending with a near-record low share price, is facing an erosion of talent in Asia. Five private bankers are leaving its Hong Kong operations, adding to two others who left last month, Bloomberg News reported.

Young is the highest-ranking wealth departure in Asia so far. She’s the deputy to Benjamin Cavalli, the regional head of private banking, as well as chief executive officer of the SymAsia Foundation, a non-profit group handling philanthropic activities of the bank’s wealthy clients.

Shares in the banking giant plummeted 12 per cent to an all-time low on Monday (Oct 3) after a weekend of speculation about its financial health, before regaining almost all of the losses later in the day. That was accompanied by a spike in the cost to insure the bank’s debt against default, which jumped to its highest on record before recovering.

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The bank is due to unveil a strategic review on Oct 27, which is expected to include a large-scale investment-banking retreat. While it has outlined plans to expand its wealth unit by focusing on markets such as Hong Kong and Singapore, the bank risks becoming a poaching ground for rivals amid the turmoil. BLOOMBERG