Exclusive: Credit Suisse to cut 80% of Hong Kong investment bank jobs from this week

📆 8/7/2023 11:20 PM
📰 Reuters

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Around 80% of Hong Kong-based investment banking staff at Credit Suisse will be made redundant starting this week, two people with knowledge of the matter said, as part of the bank's integration with UBS Group

HONG KONG, Aug 7 - Around 80% of Hong Kong-based investment banking staff at Credit Suisse will be made redundant starting this week, two people with knowledge of the matter said, as part of the bank's integration with UBS GroupOnly about 20 bankers will be spared the cuts that will impact Credit Suisse's 100-strong investment banking team in the territory, the people said, declining to be identified as discussions on the matter were private.Credit Suisse and UBS declined to comment.

A pedestrian walks past a logo of Credit Suisse outside its office building in Hong Kong, China March 21, 2023. REUTERS/Lam Yik/File Photo Besides Hong Kong, other regional markets in which Credit Suisse has investment bankers include China, Singapore, Vietnam, Australia, South Korea, Thailand and India. Its total investment banking headcount in the region was not immediately known.

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