As a part of its global efforts to cut costs, Credit Suisse has announced a revamp of its wealth management unit in Asia.
“I have taken the decision to simplify the WM [wealth management] APAC target state organisation so that we can be more agile and respond quickly to global trends,” said Benjamin Cavalli, head of wealth management for Apac, in an internal memo seen by FSA.
“We have flattened the organisational structure with the market group heads reporting directly to me.”
The market group head for non-resident Indian (NRI), Balakrishnan Kunnambath, has been appointed vice chairman and strategic client lead for southeast Asia and India.
Kunnambath will focus on strategic client coverage for southeast Asia and India, working closely to further deepen key client relationships.
Puneet Matta has been appointed market group head of wealth management for India and NRI, subject to regulatory approval.
In addition to the onshore India teams, the team leader and senior client partner for the NRI market, based in Singapore, will also report directly to Matta to ensure connectivity and collaboration between the offshore and onshore businesses.
Dominique Boer, market group head for Singapore, is taking on an expanded role to oversee and manage the account management team, customer care centre and small client unit.
Boer has also been appointed CEO of SymAsia Foundation, the philanthropy arm of Credit Suisse’s private bank in Asia.
The market group head for the Philippines, Thailand and Vietnam, Marcus Sloor, is taking on additional responsibility for managing key strategic initiatives for the Apac wealth management business, while Johanes Oeni, the market group head for Indonesia, will oversee Malaysia as well.
Rickie Chan, market group head for Hong Kong, will become the chief executive of the Hong Kong branch, with effect from 1 January next year, subject to regulatory approval.
Chan will also oversee and manage the Apac Switzerland teams, with Christian Frie, market leader of Apac Switzerland, reporting to him.
As the group consolidates its Greater China bank branch and representative offices under one leadership, Martin Loh, the current market group head of China, will take on an expanded role to oversee and manage the Shanghai branch as well. The current Shanghai branch manager, Rick Meng, will report to Loh.
Jacky Ang has been appointed head of WM for Singapore and is responsible for the oversight of the Singaporean WM business and its regulated activities.
Credit Suisse announced recently that it will cut 2,700 full-time employees, accounting for 5% of the group’s workforce, by the end of 2022.
The staff cuts are still underway across various departments and geographical locations, the group said. Credit Suisse expects to cut 9,000 staff by 2025 and to run the bank with around 43,000 full-time employees.