RIYADH: Tim Tu, the head of Credit Suisse Group's securities joint venture in China, has stepped down to pursue other opportunities within the organization, Bloomberg reported, citing an internal memo.
Daniel Qiu, the venture’s head of investment banking and capital markets, has been named as an interim CEO of Credit Suisse Securities China.
As the CEO of JPMorgan Chase’s China venture also stepped down this month, Tu’s resignation becomes the second exit of a top banker at a foreign bank in China in April.
This comes amid US-China tensions and the growing virus outbreak that threatens the country’s economic growth.
