Numerous investment banking positions at Credit Suisse are being eliminated in Asia as part of ongoing cost-cutting measures on a worldwide scale.
According to a “Bloomberg” article citing unnamed sources, Credit Suisse is reducing the size of its investment bank in Asia by making more than two dozen cutbacks to operations including deal-making and trading.
The cuts affect the Greater China division, which saw the departure of 10 client-facing bankers along with Chief Information Officer Larry Tung and Chief Compliance Officer Xu Yang from the China Securities Venture.
The departure of a few investment bankers from Hong Kong’s TMT (tech, media, and telecoms), M&A, and Financial Institutions Group units was also reported by Finews Asia last month.
“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.
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