Credit Suisse would cut dozens of investment banking positions in Asia as part of ongoing global efforts to cut costs.
Credit Suisse is downsizing its investment bank in Asia with more than two dozen cuts to operations, including deal-making and trading, according to a “Bloomberg” report citing unnamed sources.
The cuts cover Greater China operations, which included the loss of 10 customer-facing bankers as well as the resignation of the China securities firm, including the chief information officer larry tung and Chief Compliance Officer Xu Yang. Last month, finenews.asia also signaled the departure of a handful of Hong Kong investment bankers in divisions including TMT (technology, media and telecommunications), mergers and acquisitions and financial institutions group.
“As in any organization, employee attrition and turnover are a natural part of the disciplined execution of our business. Credit Suisse continuously reviews and reallocates its resources and human capital to respond to changing market opportunities,” the bank said in a statement. “APAC is an important growth market for Credit Suisse and we are committed to investing in the region for the long term.”
By comparison, Credit Suisse’s regional wealth management business appears to be accelerating at a relatively faster pace.
In addition to expanding its coverage in Asia to include the mass millionaire segment, the total number of private banking relationship managers saw a net increase of 50 in the first quarter, according to the global head of wealth Francesco deFerrari at a recent investor event, with growth geared toward Asia. Separately, Credit Suisse has reportedly even relaxed internal rules for opening accounts in Asia after the introduction of stricter controls led to a backlog of hundreds of customers in the region.