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Credit Suisse Group AG promoted executives in its Asia-Pacific wealth management unit and removed a layer of hierarchy in a revamp after recent senior departures in the group.
“We have flattened the organisational structure,†Benjamin Cavalli, the bank’s regional wealth head, said in a memo, while elevating market group heads who will report to him. Cavalli said he made the decision to simplify the structure “so that we can be more agile and respond quickly to global trends.â€
Balakrishnan Kunnambath, market group head for non-resident Indians, is appointed vice chairman and strategic client lead for Southeast Asia and India. Puneet Matta will take the role of market group head for India and NRI, subject to regulatory approval.
The appointments came after Young Jin Yee, Cavalli’s deputy, left to join Deutsche Bank AG. Three private bankers serving the NRI market also earlier this month left for Swiss rival UBS Group AG.
As part of the changes, Martin Loh, the market group head China II, will also take on an expanded role to oversee the Shanghai Branch as part of a consolidation of the Greater China Bank Branch and representative offices under one leadership.
In the mainland, Credit Suisse has harboured ambitions to grow — hiring private banker Wang Jing from China Merchants Bank Co. to develop its onshore wealth management business in 2020. But the bank has yet to obtain final approval to provide services to wealthy mainland China clients’.
—Bloomberg