ZURICH - Credit Suisse said on Wednesday it has made eight high-level appointments in fixed income sales and trading for its onshore China business.
Switzerland's second-largest bank is likely hoping to bridge some of the gap with competitors after its first-quarter trading profits underwhelmed analysts while peers like Swiss rival UBS turned in forecast-busting numbers.
"Our China onshore business represents one of the biggest growth opportunities along our route to becoming a dominant emerging markets franchise in Asia," said Carsten Stoehr, Credit Suisse Head of Fixed Income Asia Pacific.
"These hires, all based in Shanghai, demonstrate Credit Suisse's continued commitment to developing its China Fixed Income business and broadening our client footprint," Stoehr said.
Six of the appointments are in fixed income and foreign exchange sales, while the two trading hires are in onshore foreign exchange, forwards and rates.
Keung Li will join as director and head of fixed income sales. Li was most recently at Deutsche Bank, where he was the head of onshore fixed income sales for two years.
Switzerland's second-largest bank received approval from the Chinese regulator to conduct business in derivatives in 2004 and was admitted to the Shanghai Gold exchange in January this year.
