Credit Suisse' Asia equities managers leave as exodus worsens

Credit Suisse Group AG is grappling with the departures of several senior executives in its Asia-Pacific equities business as worries about the bank’s financial health roil global markets.

Nick Silver, co-head of equities for Asia Pacific and head of equities for Japan is leaving along with Jonathan Jenkins, head of equity sales for the region. Chris Prasertsintanah, head of equities for South Asia, and country manager Thailand, has also decided to leave, according to a memo seen by Bloomberg News.

The three will look to pursue opportunities outside the bank, the memo said.

A spokesperson for Credit Suisse could not immediately be reached for comment.

Chief Executive Officer Ulrich Koerner is battling a crisis of confidence just days after the failure of US lender Silicon Valley Bank prompted a selloff in financial stocks globally. The Swiss lender earlier tapped the Swiss National Bank for as much as 50 billion francs ($54 billion) and offered to repurchase debt.

Silver joined the bank in 2018 and played a key role in turning around the regulatory relationship in Japan, and had recently focused on leading the wind down of the firm’s Delta 1 business in Asia-Pacific, according to the memo.

Jenkins, a 16-year veteran, will be relocating to Australia for personal reasons.

As part of the reshuffle, Adil Virani will assume sole responsibility as head of equities for Asia Pacific and Jasmine Pong is named head of equity sales for the region.