Fixing an area that was a sore spot in the fourth quarter.
Asia is at the heart of Credit Suisse’s restructuring plan, but the region’s investment bank was a sore spot in the fourth quarter, earning just SFr7m in pre-tax profits after its fixed income revenues fell 50 per cent from a year earlier.
David Mathers, chief financial officer, said at an investor day that no improvement had been seen in the Asia-Pacific (Apac) markets business so far in 2017. He said performance is “similar to the fourth quarter of 2016” and featured “weak conditions in the markets and trading activities within the region”.
In the meantime, Bloomberg News reports that Morgan Stanley banker Peter Chang, a managing director who worked on South Korea mergers and acquisitions, has resigned after 18 years with the U.S. firm, according to people familiar with the matter.
Chang, head of Morgan Stanley’s transaction development group and restructuring in the Asia-Pacific region excluding Japan, will stay on for a few months before departing officially, one of the people said, asking not to be identified because the matter isn’t public.