Credit Suisse names new head for overall operations in Japan

Credit Suisse has named a new head, Yuji Suzuki, as the new head of its entire operations in Japan, as part of moves to re-establish its reputation in the country.

Credit Suisse has named a new head, Yuji Suzuki, as the new head of its entire operations in Japan, as part of moves to re-establish its reputation in the country.

Suzuki, who has been at the Industrial Bank of Japan for more than 30 years, knows the Japanese business scene extremely well, said a spokeswoman for Credit Suisse in Tokyo.

The bank has suffered a series of setbacks in the past year. A subsidiary of the bank, Credit Suisse Financial Products, was accused of helping financially-troubled Japanese banks to conceal their losses abroad, and one of its former directors was arrested for violating banking secrecy.

The subsidiary’s licence was also revoked. An internal investigation by Credit Suisse ended in the dismissal of seven employees in Japan and elsewhere for hindering an audit by Japan’s banking watchdog organisation.

Credit Suisse has been led by an interim chairman, Martin Senn, since last August. His main tasks were to establish new structures for the bank, the spokeswoman said.

From staff and wire reports