Credit Suisse has decided to combine its fixed income and equities businesses in the Asia-Pacific region and the investment bank has named Ali Naqvi as head of the combined unit, according to an internal memo seen by Reuters on Tuesday.
Naqvi, who currently heads the equities business for the Swiss bank in the region, will take up his new role effective Tuesday and report to Credit Suisse Asia Pacific Chief Executive Helman Sitohang, the memo said.
The bank has also appointed Ken Pang, currently head of equities derivatives business in the region, as head of all trading functions across fixed income and trading in Asia Pacific, according to the memo from Sitohang.
The changes come as Credit Suisse group CEO Tidjane Thiam doubles down on wealth management, cutting back in investment banking to restructure the global investment bank and match its peers on capital.
Under Thiam, who took up his post at Switzerland’s second-biggest bank on July 1 last year, Credit Suisse has made Asia its priority region for growth, even as tough financial markets have complicated his restructuring strategy.
The combination of the two Asia Pacific businesses, the bank’s memo said, would bring together “strong markets offering to better serve our clients, while consolidating our risk-taking capabilities and enhancing our ability to deliver multi-asset solutions”.
Under Naqvi’s leadership, Credit Suisse has seen revenue from its equities business in Asia Pacific double with profit improving “significantly”, the memo said, without disclosing details.
Separately, two people with direct knowledge of the matter said Credit Suisse’s head of research and sales in China and Hong Kong, Thomas Wong, has decided to leave and will be replaced by Edmond Huang, currently head of research on China mainland shares.
The combination of the fixed-income and equities business in Asia Pacific could see more changes in senior roles at the bank, one of the people said. The people declined to be identified because they were not authorised to speak to the media.
A Credit Suisse spokesman confirmed the contents of the memo, but declined to comment further.