Departing Credit Suisse MD says the pain is more acute in Singapore
It's a new year, but people are still coming out of Credit Suisse (and UBS) and are still posting their laments on social media.
The latest to do so is Sudipto Ghatak, the former head of risk for Credit Suisse in APAC. Ghatak, who was based in Singapore, is leaving Credit Suisse after nearly 27 years. He says it's hard, and that saying goodbye to Credit Suisse is all the more poignant in Asia.
"For many of us — who worked incredibly hard for a long time for a firm that was admired and was a leader in its chosen businesses — the sudden collapse of Credit Suisse has been a really difficult event to process," says Ghatak. "More so in Asia-Pacific where CS had a particularly successful and dominant franchise."
Nonetheless, Ghatak suggests there was a sense of fatefulness to Credit Suisse's demise. "It is not hard to feel that it was all quite unfair that it ended the way it did. But ultimately, markets maybe cruel but they are not unfair!," he reflects.
Ghatak didn't respond to a request to comment for this article, so it's not clear what he intends to do next. He may soon be joined by other colleagues ill-treated by fate: UBS reportedly plans to cut 90 jobs in its Asian private wealth and banking teams.
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