Credit Suisse’s Asia investment banking vice chairman Zeth Hung exits

A pedestrian crossing light outside a Credit Suisse Group AG bank branch in Basel, Switzerland, on Tuesday, Oct. 25, 2022. Credit Suisse will present its third quarter earnings and strategy review on Oct. 27. Photographer: Stefan Wermuth/Bloomberg

Credit Suisse Group AG’s Zeth Hung has left the bank, the most senior departure for Asia-Pacific investment banking, as the Swiss lender continues to reshuffle its operations, according to an internal announcement.

Hung, who spent 25 years at Credit Suisse, was most recently vice-chairman of investment banking & capital markets for the region.

He stepped aside from its role as regional co-head for the division last year, while Edwin Low, the other co-head, was made chief executive officer for Asia-Pacific. A spokeswoman at the bank confirmed Hung’s exit. Hung couldn’t be reached for a comment.

The embattled bank has seen departures of top bankers in the past few months, including Carsten Stoehr, its CEO of Greater China, marking the most senior exit for its China business.

Hung was a key relationship banker of Luckin Coffee Inc., which in 2020 become embroiled in a scandal over fabricated revenue. Credit Suisse was also among the biggest lenders to the founder of the Chinese coffee chain.

Low replaced Helman Sitohang as Asia CEO last year as part of broader management changes across its global operations following major setbacks.