Credit Suisse merges fixed income with equities in Asia Pacific
(Corrects attribution in 5th paragraph after Credit Suisse clarification)
By Saeed Azhar and Sumeet Chatterjee
HONG KONG (Reuters) - Credit Suisse (CSGN.S: Quote) is merging its fixed income and equities divisions in Asia Pacific, according to an internal memo seen by Reuters on Tuesday, as the Swiss bank overhauls its global markets businesses.
The changes come as Credit Suisse group CEO Tidjane Thiam, who took up his post last July, doubles down on wealth management, cutting back in investment banking after a slump in revenues to match its peers on capital.
Switzerland's second-biggest lender said in March it would shave an additional 800 million Swiss francs ($821 million) off costs and cut 2,000 more jobs from its global markets division, bringing the total to 6,000 job losses.
According to the internal memo, Ali Naqvi, who heads the bank's equities business in the region, will take up a new role in charge of the combined division on Tuesday, reporting to Credit Suisse Asia Pacific Chief Executive Helman Sitohang.
Credit Suisse also appointed Ken Pang, now head of equities derivatives business in the region, as head of all trading functions across fixed income and trading in Asia Pacific, according to a memo from Naqvi.
"As part of our new Asia strategy, the idea is to integrate the businesses a lot more across the bank and that's something we have been focusing on," Naqvi told Reuters, saying the new structure would facilitate cross-selling of products.
A Credit Suisse spokesman confirmed the contents of the memo, but declined to comment further. Continued...