Credit Suisse cuts most Japan investment banking staff -sources

FILE PHOTO: A logo is pictured on the Credit Suisse bank in Geneva, Switzerland, June 9, 2022. REUTERS/Denis Balibousehas cut most of the 20-plus jobs at its investment banking division in Japan, three people familiar with the matter said, as the embattled Swiss bank revamps its business globally.

The move is part of a major overhaul at the loss-making bank after a string of heavy losses and scandalsCredit Suisse's investment banking division, which houses capital markets and M&A advisory businesses, has undertaken a two-phase restructuring in Japan, nearly halving the number of its bankers in November and then shedding all but a few in January, two of the people said.

"Our global franchise will continue to work with clients in all key markets including Japan, as it has done for many years," it said. Credit Suisse's restructuring plan includes creating a separate unit for its investment bank under the CS First Boston brand. As part of this, it is carving out the business with veteran banker Michael Klein at the helm. Credit Suisse will focus on managing money for the wealthy after the revamp.

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