Credit Suisse is reportedly axing dozens of investment banking roles 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 of cuts across businesses including deal-making and trading, according to a «Bloomberg» report citing unnamed sources.
The cuts cover the Greater China business which included the loss of 10 client-facing bankers as well as the resignation from the China securities venture including chief information officer Larry Tung and chief compliance officer Xu Yang. Last month, finews.asia also reported the departure of a handful of investment bankers in Hong Kong across divisions including TMT (tech, media and telecoms), M&A and financial institutions group.
«As with any organization, employee attrition and turnover is a natural part of executing our business in a disciplined manner. Credit Suisse continually reviews and reallocates resources and human capital to meet evolving 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.»
Contrasting Wealth
In comparison, Credit Suisse’s regional wealth management business appears to be accelerating at a relatively higher pace.
In addition to extending its Asia coverage to include the mass millionaire segment, the private bank’s overall count of relationship managers saw a net rise of 50 in the first quarter, according to global wealth head Francesco de Ferrari at a recent investor event, with growth tilted towards Asia. Separately, Credit Suisse has even reportedly loosened internal rules for opening accounts in Asia after the introduction of stricter controls led to a backlog of hundreds of clients in the region.
