As part of a strategic shift that puts more focus on Asia, the US head of private banking at the Swiss bank is to leave next year.

Credit Suisse is bidding farewell to US private banking head Philip Vasan, the Wall Street Journal reported, citing an internal memo, as the Zurich-listed lender continues the overhaul of its business lines. The bank later confirmed the report when asked by this publication.

The bank’s strategy involves bolstering private banking efforts in Asia, as well as transferring US-based private banking business to Wells Fargo & Co by next year, as well as other moves, as previously reported by this publication. The changes have come under recently-appointed chief executive Tidjane Thiam, who took over from Brady Dougan in July.

Vasan will leave Credit Suisse in the spring of next year, after the expected transfer of the private banking unit to Wells Fargo, the memo said. Vasan has been with Credit Suisse for more than two decades. Before becoming the head of US private banking, Vasan ran Credit Suisse’s prime-brokerage unit, providing services to hedge funds.

To see a recent story about the changes at the bank, see here.