Credit Suisse has lost another private banker with Shahid Qazi joining Standard Chartered as executive director in Singapore.
Qazi, who served as vice president at Credit Suisse having worked there for nearly seven years, is only the latest to jump ship.
Deutsche Bank, which has been expanding aggressively in the region, has made a habit of hiring from the Swiss lender, poaching Serene Wee as senior client partner for southeast Asia wealth management.
Credit Suisse has been rocked by a series of scandals in recent years including the collapse of US family office Archegos in 2021.
Last Thursday, it reported a total net loss for 2022 of SFr7.29bn ($7.88bn), its biggest annual loss since the global financial crisis.
Perhaps more concerning was the fact that the bank continued to see a sharp increase in withdrawals during the fourth quarter, with outflows of more than SFr110bn.
Before joining Credit Suisse, Qazi worked at Emirates NBD for just over three years in Dubai. He was actually previously with Standard Chartered for over eight years with his last position being director of private banking in Dubai.
He started his career there in Pakistan and also worked at Grant Thornton, Faysal Bank and PwC.