Following a slump in its Asian equities business unit, Credit Suisse is said to be cutting as many as 35 positions by middle of the year.
In a report from financial news provider «Bloomberg» the Zurich based firm is expected to begin culling trading, sales, prime brokerage and research positions in the region, according to the person, who asked not to be identified discussing private information.
The latest round of reductions, which started about two months ago, will be completed by June, the person said.
Asia Weaker
Equities trading revenue at Credit Suisse (CS) tumbled 16 percent in Asia-Pacific in the first quarter, led by a slump in derivatives sales.
Speaking last month CEO Tidjane Thiam singled out the markets business as unprofitable and suffering from significantly reduced client activity.
Recent Departures
finews.asia reported recently on two senior departures at CS, Asia cash equities co-head Donald Lee, who is also the bank's head of client trading and execution in the region, is leaving. George Chow, co-head of investment banking and capital markets for China, is also departing to join a Chinese firm as a senior executive.
The departure of the two senior bankers comes shortly after the bank let go roughly six equities bankers in Hong Kong and Tokyo. The cuts were made amid speculation that Credit Suisse's business in Asia continued to weaken.
CS in Australia has also seen job loses in its equities research unit, senior metals and mining analyst Paul McTaggart has left the bank. Also gone is Richard Hitchens, who oversaw quantitative analysis in the bank's macro equities research unit, along with some job cuts in the fixed income team.
