It’s been a difficult few years for Credit Suisse’s traders in Asia, but some have had a better run than others. Singapore-based Youngmin Cho, who headed the bank’s Asia FX business, got out relatively early during the UBS takeover by escaping to Morgan Stanley. Now, two years later, he’s moving again.
Cho is joining JPMorgan as its Singapore head of non-deliverable forwards trading. He spent the past two years as an emerging markets FX and rates trader at Morgan Stanley.
Before Morgan Stanley, Cho spent a decade at Credit Suisse. He only became Asia FX trading head in the last eight months of that stint.
Other traders at Credit Suisse took a different path. David Leung, a veteran of the bank’s emerging markets trading business, moved away from the trading desk for a management role around the time Cho left for Morgan Stanley; he quietly departed UBS in February of this year.
Morgan Stanley’s fixed income business has been doing well. In 2024, revenues were up 9.71%, more than the likes of Deutsche Bank, Goldman Sachs and JPMorgan. In the first half of 2025, however, JPMorgan pulled ahead.
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