Yves-Alain Sommerhalder, senior Credit Suisse executive, is leaving the embattled bank, according to reports. The senior banker's departure will pile pressure on the bank, which unveiled a recovery plan last week.
Sommerhalder had been recently promoted to head financing and products across wealth management globally, Bloomberg News noted in a report. Sommerhalder's departure was mentioned in an internal memo dated October 27. Larry Fletcher and Eugene Fung will take over the department as co-heads, the report added. Their term will start on Tuesday.
What was Sommerhalder's Role?
Sommerhalder, who has spent more than 20 years at Credit Suisse, was seen as responsible for ramping up the Swiss bank's Asia business. He had been a key figure in roping in rich Asian clients to the bank. He joined Credit Suisse in 2002 and had worked in London and Zurich. He was also one of the founding members of Credit Suisse Solution Partners.
Other Executive Departures
A few weeks earlier, Singapore-based Jin Yee Young resigned from the role of deputy head of Credit Suisse's Asia Pacific wealth management business. This was followed by more senior level resignations. The others who were quick to go were Gautam Anand, a managing director and team leader at the bank's non-resident Indian (NRI) business desk in Singapore, and Akshay Menon and another private banker from Credit Suisse's Singapore NRI team. According to Reuters, these three had collectively managed about $1 billion in client assets.