By Tracy Qu Sumitomo Mitsui Banking is tapping a former Credit Suisse banker to oversee its structured lending and private wealth business in Asia Pacific. SMBC, owned by Sumitomo Mitsui.
The two bank’s investment banking franchises look enticingly well-matched. But how much business and how many bankers will still be around after the merger?
The surprise departure of the head of Credit Suisse in Singapore is a worrying sign that the major Swiss bank is facing an exodus almost everywhere in the world. This makes turning the troubled lender around all the more difficult, as an analysis by finews.com shows.
Credit Suisse Group is considering cutting the bonus pool for 2022 by about half, according to people familiar with the matter, capping a grim year in which the bank was forced to raise $4 billion after a string of losses.