Credit Suisse makes third Asia hire from Swiss rival
Credit Suisse has hired its third Asia-based banker from UBS in six weeks, appointing its Swiss rival's head of equity structured products in Japan.
Keisuke Tomimatsu will join Credit Suisse's Tokyo office in late July as a managing director and head of equity derivatives distribution in Japan. He will report to Carlo Ramirez, head of equity derivatives and convertibles in Japan, and Carsten Stoehr, head of fixed income in Japan, according to Bloomberg.
The new departure comes a month after the head of UBS' operations in China and its chief strategist in Asia both moved to Credit Suisse.
Sakthi Siva, UBS’s chief strategist in Asia, joined Credit Suisse as Asia Pacific and global emerging markets equity strategist, while Alex Ng, formerly UBS's China country team head, became Credit Suisse's China market head of private banking in North Asia.
UBS's Asian operations have suffered a steady stream of departures in recent weeks.
Will Li, a managing director in UBS's Chinese investment banking division, and Unis Cheng, a senior member of the mergers and acquisitions advisory team in Hong Kong, both left the bank last week. A spokesman said Cheng was moving to a competitor but declined to comment further on the destinations of the duo.
John Sturmey, UBS' head of Asia-Pacific equity syndicate, resigned last month to join ABN Amro as head of equity capital markets for Asia-Pacific.
Robert McGregor, an executive director in UBS' industrial investment banking team in Asia, left to join one of its private equity clients, Actis Capital Partners in Singapore. His new role at Actis is head of infrastructure for Southeast Asia.
UBS this month announced a further 2,600 job cuts in its stricken investment banking division after revealing a net pre-tax loss of Sfr18.2bn (€11.1bn) for the first quarter due to the credit turmoil, and $19bn (€12.2bn) of writedowns from its exposure to the US real estate market.
The redundancies in the investment bank, which are part of group-wide cuts of 5,500 jobs, or about 7% of the global workforce, mark the bank’s deepest and broadest effort yet to restructure its securities operations in the wake of close to $40bn of losses from the market turbulence.
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