Credit Suisse’s top China banker steps aside for new role

Bloomberg

Credit Suisse Group AG’s chief executive officer (CEO) at its securities venture in China is stepping aside after less than two years on the job, becoming the second top banker at a major foreign lender in the
nation to quit this month.
Tim Tu informed management that he decided to pursue other opportunities within Credit Suisse, according to an internal memo that was confirmed by a spokesperson. Daniel Qiu, who’s head of investment banking and capital markets at the venture, was named interim CEO of Credit Suisse Securities China Ltd.
Tu’s exit comes close on the heels of a shake-up at JPMorgan Chase & Co’s China venture with its CEO Houston Huang also stepping down this month. Both firms are ramping up in China against a backdrop of US-China tensions, a string of regulatory crackdowns and a growing virus outbreak, which locked down Shanghai and is threatening economic growth.
Tu was named CEO in July 2020, shortly after the Zurich-based bank took majority control of the venture as China opens its capital markets. Credit Suisse has said it plans to triple its workforce in the country as finance firms expand to capture billions in potential profits in everything from wealth management to dealmaking.