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.
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