By Anshuman Daga
SINGAPORE (Reuters) – Credit Suisse’s deputy head of Asia-Pacific wealth management Young Jin Yee has resigned, a spokeswoman for the Swiss bank said on Wednesday.
The executive’s departure comes as concerns about the bank’s ability to restructure its business without resorting to more money from investors have eroded the group’s share value.
Some of Credit’s wealth management clients have recently expressed concern about the group’s turnaround, two sources close to the matter said. Some of the customers are transferring funds, one of the sources said. The division is seen as the centerpiece of Credit Suisse’s turnaround plan.
A memo seen by Reuters about Young’s departure says the executive made the decision to “seek a bigger opportunity outside of Credit Suisse”.
Young was appointed to the role in January and has worked for Credit Suisse for nearly two decades. She was also chief executive of the SymAsia Foundation, the bank’s philanthropy arm.
The group has insisted that its capital and liquidity are strong and that it will have more to say about its strategic restructuring when it releases third-quarter results on Oct. 27.
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