(Bloomberg) -- Credit Suisse Group AG executive Yves-Alain Sommerhalder is leaving, adding to top level departures as the firm seeks to get back on its feet amid a massive restructure.

Sommerhalder, who was promoted less than a year ago to head financing and products across wealth management globally, is departing after two decades at the bank, accoding to people familiar with the matter, asking not to be identified discussing private information. Larry Fletcher and Eugene Fung become the new co-heads of this unit starting Tuesday, according to a Oct. 27 internal memo on Sommerhalder’s departure. 

A Hong Kong-based spokesperson for Credit Suisse wasn’t available for comment. Sommerhalder didn’t immediately respond to a request for comment sent via Linkedin. 

Sommerhalder was among a group of executives responsible for building up the bank’s business with rich clients in Asia, having risen up the ranks helping to link the firm’s traders with its wealth clients. His exit will add to challenges for Credit Suisse, which is reeling from more than $12 billion in outflows in the third quarter and comes on the heels of a restructuring that’s set to see thousands of job cuts over time.

Together with the outflows, the firm has also been hit by top level departures. It lost its Asia deputy wealth management head, Young Jin Yee, to Deutsche Bank AG recently, along with a string of private bankers jumping ship to rival firms. Its investment bank chief Christian Meissner will also depart the bank. 

Chairman Axel Lehmann told Bloomberg News in an interview this week that the wealth management division has now stabilized after the outflows. The firm has warned it will probably record another loss in the fourth quarter because of costs related to its transformation. 

Sommerhalder joined the bank in 2002 as an analyst in the equity derivatives unit in London. He later moved to Zurich as a founding member of Credit Suisse Solution Partners, one of the firm’s early initiatives to offer investment banking expertise to ultra-high net worth clients, according to the memo. 

Fung, who rejoined Credit Suisse last month, and Fletcher also become members of the wealth management committee, the memo said. 

(Adds new co-heads of F&P group and details from memo in 2nd, 6th, 7th paragraphs.)

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