Credit Suisse Group AG is reviewing the long-term plans for its business in mainland China as part of a broader strategy revamp after the lender racked up billions of dollars in losses, reports Bloomberg. New Chief Executive Officer Ulrich Koerner and Asia-Pacific head Edwin Low are among top bankers set to meet in Singapore next week to discuss topics including their view on the China business, according to people familiar with the matter.
Senior executives at Credit Suisse have raised doubts on the benefits of building out its existing securities activities and expanding wealth management in the country, the people said, asking not to be named because the talks are private.
Any downsizing of Credit Suisse’s ambitions in the world’s second-largest economy would be a dramatic turnaround, two years after it won approval to take control of its local venture as part of Beijing’s much-vaunted opening to outside financial firms. An exodus of senior executives at its securities venture, partly a sign of the firm’s wider troubles, has delayed regulatory approval that would allow the build-out of equities trading and wealth offerings.