Credit Suisse Singapore CEO exits in latest Asia departure

CREDIT Suisse Group’s Singapore chief executive officer (CEO) Wong Chien Chien is leaving the bank, the latest senior departure to hit the embattled Swiss firm.

Wong is leaving to pursue outside interests. She will be replaced by Rehan Anwer, who takes on the role in addition to his current job as CEO South-east Asia, according to internal memos seen by Bloomberg News.

A spokesperson for the bank confirmed the contents of the memos.

Credit Suisse is grappling with a string of senior banker departures as it undertakes a sweeping overhaul of its business to restore profitability after scandals and missteps. Most recently, Asia-Pacific vice-chairman of investment banking & capital markets, Zeth Hung, left the bank. Young Jin Yee, deputy CEO of Asia-Pacific wealth management, resigned to join Deutsche Bank last year.

Wong began her career with CS First Boston in 1992 and has held key leadership roles across Singapore, Hong Kong and New York, including chief operating officer for the Asia-Pacific division, as well as key roles at the Swiss lender’s investment bank and fixed-income units in the region.

Dominique Boer will take on the role of deputy CEO of Singapore. The appointments of Boer and Anwer are subject to regulatory approval.

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Credit Suisse posted a bigger-than-estimated loss for the fourth quarter and unprecedented client outflows. The plan to stem the decline hinges on a massive client outreach programme to woo nervous clients and their cash back to the bank while carving out the volatile investment bank and slashing costs. BLOOMBERG