Credit Suisse China JV CEO Quits, Follows Exit at JPMorgan
Credit Suisse’s Top China Banker Tu Steps Aside for New Role
(Bloomberg) -- Credit Suisse Group AG’s chief executive officer at its securities venture in China is stepping aside after less than two years on the job, becoming the second top executive at a major foreign lender in the nation to quit this month.
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 U.S.-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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Tu was named CEO in July 2020, shortly after the Zurich-based bank took majority control of the venture as China opens its its capital markets. Credit Suisse has said it plans to triple its workforce in the country as finance firms expand to capture billions in potential profits in everything from wealth management to dealmaking.
Credit Suisse named Janice Hu as its overall CEO for China in July, filling the void left by Tang Zhenyi, the former chairman of CLSA Ltd. Hu, who’s also chairman of the securities venture, is the granddaughter of former Chinese Communist Party Secretary General Hu Yaobang and has worked at Credit Suisse for more than 20 years.
Moving further into China’s domestic market is fraught with risks, and foreign banks haven’t been able to make any significant inroads, dealmaking rankings show. A regulatory squeeze on sectors from technology to education and real estate has also curbed activities just as China gave the go-ahead for global banks to take full control of their ventures in the country.
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