Credit Suisse loses equities heads in Asia as exodus worsens
CREDIT Suisse Group is grappling with the departures of several senior executives in its Asia-Pacific equities business as worries about the bank’s financial health roil global markets.
Nick Silver, co-head of equities for Asia Pacific and head of equities for Japan is leaving along with Jonathan Jenkins, head of equity sales for the region. Chris Prasertsintanah, head of equities for South Asia, and country manager Thailand, has also decided to leave, according to a memo seen by Bloomberg News.
The three will look to pursue opportunities outside the bank, the memo said.
A spokesperson for Credit Suisse could not immediately be reached for comment.
Chief executive officer Ulrich Koerner is battling a crisis of confidence, just days after the failure of US lender Silicon Valley Bank prompted a selloff in financial stocks globally. The Swiss lender earlier tapped the Swiss National Bank for as much as US$54 billion and offered to repurchase debt.
Silver joined the bank in 2018 and played a key role in turning around the regulatory relationship in Japan, and had recently focused on leading the wind down of the firm’s Delta 1 business in Asia-Pacific, according to the memo.
Jenkins, a 16-year veteran, will be relocating to Australia for personal reasons. Prasertsintanah joined the bank in 2002 and holds several statutory and regulatory roles across the Asean region.
As part of the reshuffle, Adil Virani will assume sole responsibility as head of equities for Asia Pacific; Jasmine Pong is named head of equity sales and Raj Mathur has been appointed head of equity execution for the region. Ross Whittaker and Eugene Budovsky are named as co-heads of electronic execution for the region, reporting to Mathur.
Chris Tang has been appointed head of equity sales for North Asia and will work closely with Mark Davis in Australia on collaboration with equity capital markets partners in CS First Boston, the memo said. BLOOMBERG
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