As the Zurich-based bank scales back its investment banking activities to focus more on wealth management, Credit Suisse is cutting senior bankers in equities in North Asia.
News service «Bloomberg» reports that Credit Suisse is cutting at least half a dozen equities jobs in Hong Kong and Tokyo, including several notable bankers.
Among those said to be departing are Matt Pecot, head of prime services for the Asia-Pacific region, and Jamie White, a Hong Kong-based director for sales trading.
The report also said the bank had let go four equity analysts in Tokyo.
Transforming Trading
Credit Suisse made two senior appointments to its global markets division in Asia earlier this month
Ali Naqvi was appointed executive chairman for global markets, Asia Pacific, while Ken Pang, currently head of global markets trading, Asia Pacific, will take on the role of overall head of global markets for the region, pending relevant regulatory approvals.
The bank said in a press release the appointments are part of Credit Suisse’s effort to transform its trading and investment banking arm into achieving a dominant position with its clients, whilst leveraging the bank’s global distribution and reach.
They come against the backdrop of a wide-ranging restructuring under CEO Tidjane Thiam, who is slashing billions in spending.
