Here's the memo to staff from Credit Suisse CEO Brady Dougan.
'Osama Abbasi, CEO of Credit Suisse’s Asia Pacific region and member of the Executive Board has informed us of his decision to leave the firm following the organizational changes we have announced today. Osama will stay with the bank for a brief period to assist with a transition.
Osama joined Credit Suisse Financial Products in 1996 from Bankers Trust. During his 16-year career at Credit Suisse, Osama held senior positions in London and Hong Kong and has a track record of developing businesses that contributed significantly to the bank’s earnings, in both Europe and Asia. Starting in 1996, he built our Middle East coverage business from its infancy to a level that provided a strong platform for becoming what, today, is a top franchise for the bank.
Following that, as Head of Securities Structured Derivatives and Fixed Income Sales for Europe, the Middle East and Africa, Osama drove significant revenue growth in a short period of time. In 2008, he moved to Hong Kong as Head of Global Securities for Non-Japan Asia and Australia. The following year he was appointed Head of the Equity department in Asia Pacific and a member of the Global Equity Management Committee. In this role, within two years, he drove the transformation of our Asia Pacific Equities business into a top two franchise in the region. Osama was appointed CEO of the Asia Pacific region and to the Executive Board in October 2010.
We would like to thank Osama for his significant contributions to the bank during his 16-year career and most recently as CEO of our fastest growing region. In particular, we would like to recognize his role in hiring, developing and mentoring a large number of key employees, several of whom have made significant contributions to our franchise over the years and remain in key management roles. Asia Pacific is of significant strategic importance to Credit Suisse and Osama has been instrumental in helping us to continue to build a strong and agile platform to serve our clients.
We very much regret Osama’s decision to leave Credit Suisse and wish him all the best in his future endeavors'.