Tim Tu, the Chief Executive Officer (CEO) of Credit Suisse’s securities joint venture in China has stepped down. Tu will seek other opportunities at Credit Suisse. Daniel Qiu is currently acting as the interim CEO of the CSSCL venture while maintaining his position as the Head of Investment Banking & Capital Markets (IBCM) at CSSCL.
It has been reported that Tim Tu will relocate to Hong Kong. His new position remains undisclosed at the time of this writing. Tu was appointed as the CEO in 2020.
Earlier this month, the CEO of China venture at JPMorgan, Houston Huang also stepped down. The strict measures that are taken by the regime against the pandemic may curb economic growth.
Credit Suisse Reshuffling
Credit Suisse recently announced it will reshuffle its board. The bank lost over $5 billion in 2021 from the meltdown of Archegos Capital Management.
The bank is still licking its wounds from the collapse of Greensill Capital in March. Out of CHF 9.35 billion that was invested in Greensill Capital prior to its collapse, Credit Suisse was able to return CHF 6.7 billion to the investors. Thank bank is still focusing on paring the loss (CHF 2.7 billion) as soon as it can.
The Chief Financial Officer (CFO) at UniCredit, Mirko Bianchi and the former Wells Fargo risk officer, Amanda Norton will join the bank. Keyu Jin, a professor at the London School of Economics, is also expected to join Credit Suisse.
The above three will replace Severin Schwan, Kai Nargolwala and Juan Colombas. Severin Schwan is the Director and Chief Executive of Roche Holding. Kai Nargolwala and Juan Colombas are both Members of the Board of Directors of Credit Suisse Group AG and Credit Suisse AG.
Schwan did indicate at the beginning of the year he may not wish to be re-elected. In February, the shareholders were against his re-election.
The shareholders are scheduled to vote on the new appointments on 29 April.
