Credit Suisse Hong Kong begins job cuts

According to two anonymous sources familiar with the matter, Credit Suisse is set to lay off approximately 80% of its investment banking staff based in Hong Kong. The layoffs are scheduled to begin this week and are part of the bank’s integration with UBS Group.

The cuts are expected to affect around 80 of the 100-strong investment banking team in Hong Kong, with only about 20 bankers likely to be spared from the downsizing. The individuals providing this information chose to remain unidentified as the discussions regarding the layoffs were considered private.

Hong Kong represents the largest share of Credit Suisse’s investment bankers in the Asia region.

These layoffs come in the wake of UBS finalising the purchase of Credit Suisse with the backing of the Swiss government in June. As part of the integration process, UBS has expressed its intention to reduce risk within Credit Suisse’s investment banking operations.