Credit Suisse will reportedly cut around 80 London-based investment banker roles as it continues its integration with UBS.

Sources told news outlet Financial News London that 80 of around 260 Credit Suisse’s London-based investment banking staff will be axed, or around 30 per cent of employees.

The sources added that 17 of these individuals would be managing directors.

The news follows reports that Credit Suisse has lost more than 120 senior bankers to its rivals since its collapse.

Sources told the Financial Times that the departure rate from Credit Suisse investment bank has been higher than UBS planned before beginning work on folding the failed bank into its operations, claiming this is due to rivals in the sector having made “opportunistic moves” to poach senior bankers and their teams.

Following the collapse of Silicon Valley Bank (SVB) earlier this year, Credit Suisse failed amid a mood of spooked investors which prompted its share price to plummet by 20 per cent.

Switzerland’s central bank brokered a “rescue deal” for UBS to acquire Credit Suisse in a deal worth around $3 billion which commenced in March and completed on 12 June.

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