Credit Suisse is reportedly shutting down its cash equity sales business in Japan, amid an ongoing post-takeover restructuring.
Credit Suisse is shutting its cash equity sales business in Japan, according to a «Bloomberg» report citing unnamed sources. The Swiss bank has told hedge funds and other institutional clients that it will no longer be taking orders.
As part of the closure, some of the Tokyo-based staff are leaving. Separately, Credit Suisse has already exited the stock underwriting business in Japan. As of the end of March, Credit Suisse’s securities unit in the country had 421 employees, according to local filings.
UBS is currently undergoing the restructuring of Credit Suisse following a government-brokered takeover in June. Within Asia, UBS plans to cut around two-thirds of Credit Suisse’s investment bankers and retain 100 with a focus on markets outside of Hong Kong.
