Credit Suisse is reportedly letting go of the majority of its Hong Kong-based investment banking staff this week as part of broader restructuring plans.
Around 80 percent of Credit Suisse’s Hong Kong-based investment banking staff will be laid off with the cuts commencing this week, according to a «Reuters» report citing unnamed sources. This will leave about 20 remaining bankers that will likely be spared. Hong Kong accounts for the largest share of Credit Suisse’s investment bankers in Asia.
The cuts are part of broader restructuring efforts following the Swiss government-backed takeover of Credit Suisse by UBS in June. Since the deal was announced, UBS has underlined that it will look to reduce risk in Credit Suisse’s investment banking unit.
