China

Credit Suisse reveals ambitions to Double its Headcount in China

Credit Suisse is reportedly looking to double its headcount in China over the course of the next 5 years, bolstering its expansion plans in the country.

Helman Sitohang, CEO, APAC, Credit Suisse, said: “China is our strongest focus when it comes to headcount, and infrastructure growth compared to any country in the world. The worst of Covid’s impact on the [Asia’s] business activity is behind us,” as reported in a Bloomberg article.

The firm is reportedly looking to move past the scandal which has engulfed Luckin Coffee’s founder Lu Zhengyao, a once favoured client who’s firm is said to have become tied up in an auditing scandal, as reported by the South China Morning Post.

According to the Bloomberg article, Credit Suisse has normalised approvals for Chinese firms, having ended the increase scrutiny under which it placed loan candidates following Luckin Coffee’s fabricated earnings and the impact of Covid-19 pandemic.

As of the end of 2019, Credit Suisse’s China venture reportedly boasted 154 employees, offering Chinese clients financing, trading, wealth and asset management services.

The firm has reportedly already been hiring, according to Finews Asia, recruiting the likes of Wang Jing, who joined from China Merchants Bank to oversee Credit Suisse’s onshore wealth management operation. The firm also has hired Tim Tu as CEO of Credit Suisse Founder Securities, and Daniel Qiu as Head of Investment Banking & Capital Markets for the Chinese joint venture.

“China is our strongest focus when it comes to headcount, and infrastructure growth compared to any country in the world. The worst of Covid’s impact on the region’s business activity is behind us,” Sitohang commented.

Credit Suisse are reportedly working to move past the losses it sustained following the challenges surrounding the Luckin Coffee public offering, with Thomas Gottstein, Chief Executive Officer of Credit Suisse, stating that the bank would continue to target Chinese high net worth inividuals.