Credit Suisse’s deputy head of wealth in Asia resigns

SINGAPORE, Oct 5 (Reuters) – Young Jin Yee, vice president of Asia Pacific wealth management at Credit Suisse (CSGN.S), has resigned, according to a company memo reviewed by Reuters and confirmed by a spokesman for UBS.

The departure comes as concerns over Credit Suisse’s ability to restructure its business without seeking more capital from investors have sent the bank’s shares to record lows.

On Wednesday, Benjamin Cavalli, head of wealth management in Asia Pacific, sent a memo to the unit’s staff that Yang would be leaving “to pursue greater opportunities outside Credit Suisse.”

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Young, who is also head of the bank’s wealth business in Singapore, was appointed to her role in January and has been with the bank for nearly 20 years. She is also Chief Executive Officer of Credit Suisse’s charitable arm, the SymAsia Foundation.

The bank insisted its capital and liquidity were strong, saying it would have more to say on strategic overhauls when it releases third-quarter results on Oct. 10. 27.

“As our group chief executive said, we are in a healthy capital and liquidity position,” Cavalli said in an email reply to Reuters queries.

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Reporting by Anshuman Daga; Editing by Clarence Fernandez, Muralikumar Anantharaman and Jan Harvey

Our Standard: The Thomson Reuters Trust Principles.

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