The chief executive officer of Credit Suisse Group AG’s Chinese securities venture is quitting after under two years in the role, making them the second top executive at a major foreign lender in China to step down in April, reports Bloomberg. Tim Tu informed management that he decided to pursue other opportunities within Credit Suisse, according to a memo that was confirmed by a spokeswoman.
Beijing-based Tu intends to relocate to Hong Kong, though his exact new role hasn’t been finalized, said people familiar with the matter who asked not to be named discussing an internal decision. The spokeswoman declined to comment on his next job. Daniel Qiu, who’s head of investment banking and capital markets at the venture, was named interim CEO of Credit Suisse Securities China Ltd., the memo said. He joined the Swiss lender in 2010 as managing director and relocated to Beijing in 2020.
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.
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