A reported 80 per cent of investment banking staff at Credit Suisse’s Hong Kong bank are set to be made redundant.
According to sources cited by Reuters, the layoffs will begin this week as part of Credit Suisse’s ongoing integration with domestic rival UBS.
The report notes that only around 20 bankers will be spared from the cuts, with UBS previously reported to only be looking to retain about 100 Credit Suisse investment bankers from across Asia.
Other Asian markets where Credit Suisse has investment bankers include China, Singapore, Vietnam, Australia, South Korea, Thailand and India. Hong Kong represents Credit Suisse’s biggest share of investment bankers in Asia.
The report adds that most Credit Suisse investment banking teams in Hong Kong will retain a handful of staff, with certain sector coverage teams being removed entirely.
UBS, which is expected to shed more light on its Credit Suisse integration plan later this month, has cut investment bankers from Credit Suisse’s New York base and has also shuttered the latter’s office in Houston, Texas.
UBS’s regional investment banking transition in Asia is being overseen by Christian Deiss, head of Credit Suisse's Asia-Pacific M&A business.
Sanctions evasion in an era of conflict: Optimising KYC and monitoring to tackle crime
The ongoing war in Ukraine and resulting sanctions on Russia, and the continuing geopolitical tensions have resulted in an unprecedented increase in parties added to sanctions lists.
Achieving operational resilience in the financial sector: Navigating DORA with confidence
Operational resilience has become crucial for financial institutions navigating today's digital landscape riddled with cyber risks and challenges. The EU's Digital Operational Resilience Act (DORA) provides a harmonised framework to address these complexities, but there are key factors that financial institutions must ensure they consider.
Legacy isn’t the enemy: what FSIs can do to keep their systems up and running
In this webinar we will examine some of the steps FSIs have already taken to rigorously monitor and test systems – both manually and with AI-powered automation – while satisfying the concerns of regulators and customers.
Optimising digital banking: Unifying communications for seamless CX
In the digital age, financial institutions risk falling behind their rivals if they fail to unite fragmented communications ecosystems to deliver seamless, personalised customer experiences.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
This FStech webinar sponsored by Precisely explores vital strategies to optimise cross-channel messaging through omnichannel orchestration and real-time customer data access.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories