Credit Suisse is merging its fixed income and equities divisions in Asia Pacific as part of the bank’s plan to overhaul its global markets businesses. The changes come as Credit Suisse CEO Tidjane Thiam emphasizes on wealth management, cutting back in investment banking after a slump in revenues to match its peers on capital. The bank intends to make a saving of 800 million Swiss francs in costs and cut 2000 more jobs from its global markets division. Ali Naqvi, who heads the bank’s equities business in the region, will take up a new role in charge of the combined division, reporting to Credit Suisse Asia Pacific chief executive Helman Sitohang. Credit Suisse also appointed Ken Pang, now head of equities derivatives business in the region, as head of all trading functions across fixed income and trading in Asia Pacific.
