Amidst a global reorganization, Credit Suisse is on a cost-cutting drive to reduce 9,000 positions by 2025, including 2,700 this quarter. Layoffs have already begun, finews.asia learned from a source familiar with the matter, with some wealth teams reducing headcount by about 10 percent. 

In the latest move, the bank is streamlining the structure of the Asian wealth management business with key changes at the top.

Streamlined Structure 

«I have taken the decision to simplify the WM APAC target state organization so that we can be more agile and respond quickly to global trends,» according to an internal memo from head of wealth management APAC Benjamin Cavalli. «We have flattened the organizational structure with the market group heads reporting directly to me.»

The changes are as follows:

Balakrishnan Kunnambath, market group head NRI, is appointed vice chairman and strategic client lead Southeast Asia and India, reporting to Cavalli. Kunnambath will focus on strategic client coverage in both markets, working closely with relationship managers and other stakeholders to deepen key client engagement.

Puneet Matta is appointed market group head of wealth management India and NRI, subject to regulatory approval. In addition to the India onshore teams, the team leader and senior client partner for NRI market based in Singapore reports directly to Matta to ensure connectivity and collaboration between the offshore and onshore business.

Dominique Boer, market group head Singapore, takes on an expanded role to oversee and manage the Singapore location booking center which covers the account management team, customer care center, and small client unit. Boer is also appointed CEO of the non-profit unit SymAsia Foundation.

Marcus Slöör, market group head Philippines, Thailand and Vietnam, takes on the additional responsibility of managing key strategic initiatives for the APAC wealth management unit.

Johanes Oeni, market group head Indonesia, takes on an expanded role to oversee and manage the Malaysia market with the aim of creating synergy under a single leader due to the «similarity of both offshore markets». Market leader Malaysia Joyce Low will report to Oeni.

Rickie Chan, market group head Hong Kong will take on the additional role of CEO for Credit Suisse Hong Kong Branch as of January 1 next year, subject to regulatory approval. Chan will also oversee and manage the APAC Switzerland teams (direct and shared relationships) with market leader APAC Switzerland Christian Frie reporting to him.

Martin Loh, market group head China II, takes on an expanded role to oversee and manage the Shanghai branch as Credit Suisse consolidates oversight of the Greater China bank branch and rep offices under a single leadership. Shanghai branch manager Rick Meng will also report to Loh.

Claude Harbonn, co-head of advisory & sales, will take on the additional responsibility of leading a new function called «Core Clients».

Jacky Ang is appointed head of the wealth management Singapore location and the senior manager for wealth management under the Monetary Authority of Singapore's individual accountability and conduct (IAC) regime. Ang will oversee the Singapore wealth business and its regulated activities, in addition to his current roles as branch manager of Credit Suisse Singapore Branch, senior corporate officer of Credit Suisse (Singapore) and COO for Southeast Asia and Singapore.