If you’re looking for a job at Credit Suisse in Asia, the firm’s wealth management arm is likely to generate the bulk of opportunities this year. But there is a glimmer of hope in investment banking.
Credit Suisse plans to add to its 490-strong team of private bankers in the region this year, Francois Monnet, chief operating officer, private banking Asia Pacific, told us last month. By contrast, new Credit Suisse CEO Tidjane Thiam is widely expected to cut jobs in investment banking.
But there are still potential areas of IBD expansion and hiring at the Swiss firm – if you’re focused on China. The bank has appointed George Chow and Zeth Hung into newly created roles as co-heads of Greater China investment banking. Interestingly, the two have been tasked with growing the bank’s business in emerging sectors of IBD, particularly structured products such as equity and credit derivatives, reports Finance Asia.
Credit Suisse’s strategy is inline with overall trends in the job market. While global investment banks are generally cutting jobs in Asia, demand remains strong for China-focused bankers who service private-sector mainland clients and have specialist technical skills, derivatives included. Global banks like Credit Suisse in China are now demanding these “real banking skills and experience” instead of political connections, Jason Tan, a partner at search firm Being & Associates, told us last year.
Meanwhile:
China suspends implementation of contentious banking-technology rules. (Wall Street Journal)
UBS may sell its Australian wealth management business. (Bloomberg)
Baker & McKenzie and FenXun Partners become the first international and mainland law firms to launch a joint operation in the Shanghai Free Trade Zone. (South China Morning Post)
Industry bodies in Singapore urge consumers to give feedback on their financial advisers. (Straits Times)
Rural banking on the rise in China. (International Business Times)
Maybank’s Farid says there’s no ‘ideal’ number of banks in Malaysia. (The Star)