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SINGAPORE, Oct 5 (Reuters) – Credit Suisse’s ( CSGN.S ) Asia-Pacific vice head of wealth management business, Yang Jin Yi, has resigned, a company memo seen by Reuters and a spokeswoman for the Swiss bank confirmed.
The move comes as fears that Credit Suisse can restructure its business without tapping investors for additional cash sent the bank’s shares to record lows.
A memo from Benjamin Cavalli, Asia Pacific head of wealth management, to staff in that division said on Wednesday that Young would be leaving to pursue opportunities outside of Credit Suisse.
Yang, who heads the bank’s wealth business in Singapore, was appointed to the role in January and has been with the bank for nearly two decades. She was also CEO of the SimAsia Foundation, the philanthropic arm of Credit Suisse.
The bank insisted that its capital and liquidity were strong, saying it would say more about strategic reforms when it releases third-quarter results on Oct. 27.
“We are in a healthy capital and liquidity position as stated by our group CEO,” Cavalli said in an emailed response to a Reuters query.
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By Anshuman Daga report; Editing by Clarence Fernandes, Muralikumar Anatharaman, and Jan Harvey
Our standards: The Thomson Reuters Trust Principles.
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