The logo of Swiss bank Credit Suisse is seen in front of an office building in Zurich, Switzerland October 26, 2022. REUTERS/Arnd Wiegmann/File Photohas laid off about one-third of its China-based investment banking team and nearly half of its research department, sources with knowledge of the matter told Reuters, as part of a global restructuring and as its China business slows.Credit Suisse declined to make specific comments on the layoffs in China when contacted by Reuters.
Two sources said that more than 20 China-based investment bankers have been notified about the job cuts at Credit Suisse Securities , the bank's 51%-owned joint venture. Credit Suisse's China annual report shows it had 68 people in its investment banking department at the end of last year. Confronted by stringent COVID-19 restrictions and weak growth in the world's second-largest economy, Wall Street banks have been preparing to cut China-focused jobs in Asia, sources have said.was poised to announce staff cuts worldwide, with teams focusing on China-related business bearing the brunt.
At Credit Suisse's China venture, about 10 research staff have been let go, the sources said. The department had 24 employees as of the end last year, its annual report shows.eight roles based in Southeast AsiaLast month, Credit Suisse announced a 4 billion Swiss franc capital raising and thousands of job cuts as it plans to scale back its scandal-hit investment bank in a shift towards banking for the wealthy.
As expected.