Standard Chartered hired Credit Suisse's axeman for Singapore
Now that UBS is dismantling Credit Suisse, Credit Suisse presumably doesn't need its own people to swing the axe. Accordingly, Warren Young - the man who had been 'transforming' Credit Suisse's investment bank, has reappeared at Standard Chartered instead.
Young spent 22 years at Credit Suisse in various operational roles including co-COO of investment banking & capital markets as well as COO of the entire investment bank (appointed after the Archegos business to “lead remediation efforts”, in his own words). He was most recently head of investment bank transformation, leading the bank’s ultimately doomed effort to save itself that was announced in late October last year. He left CS yesterday to become COO for financial markets at Standard Chartered. The move took him from New York, where he was last based for CS, to Singapore.
It might not be that surprising to see someone as experienced as Young leaving the Credit Suisse / UBS Chimera. It’s been pretty clear for a while now that UBS will be keeping it’s people in the charge of as much as possible – and it’s not hard to see why that would apply especially at the top of the ladder.
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