Bloomberg

(Bloomberg) -- Two senior Credit Suisse Group AG executives are leaving the firm in Asia, people with knowledge of the matter said, as the Swiss bank continues to cut costs.

Donald Lee is departing as co-head of cash equities for the Asia-Pacific region, and George Chow is leaving his role as co-head of investment-banking and capital markets for Greater China, the people added, requesting anonymity because their departures haven’t been made public. 

Lee declined to comment. Chow didn’t immediately answer a phone call. A Hong Kong-based spokeswoman at the bank declined to comment.

The departure of Lee and Chow follows Zurich-based Credit Suisse’s decision to cut at least half a dozen equities jobs in Hong Kong and Tokyo, including Matt Pecot, head of prime services for the Asia-Pacific region, and Jamie White, a Hong Kong-based director for sales trading.

Chief Executive Officer Tidjane Thiam is under pressure to deepen cost reductions as he pursues a plan to downsize the investment bank in favor of wealth management, where he sees the best potential for growth. The bank announced in December it will cut an additional 1 billion Swiss francs ($1 billion) in costs after lowering profit targets for its Asian division and for the international wealth-management operation.

Lee was formerly at Morgan Stanley and joined Credit Suisse in June 2000, according to his LinkedIn profile. In addition to his cash equities position, Lee is Credit Suisse’s head of client trading and execution for the Asia-Pacific region.

To contact the reporter on this story: Cathy Chan in Hong Kong at kchan14@bloomberg.net.

To contact the editors responsible for this story: Marcus Wright at mwright115@bloomberg.net, Philip Lagerkranser

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