Credit Suisse is reportedly embarking on yet another round of layoffs, this time in its securities joint venture in China.
Another round of layoffs will commence at Credit Suisse as early as Monday, affecting more than 40 employees in its China securities joint venture, according to a «Reuters» report citing unnamed sources. The cuts account for 20 percent of Credit Suisse’s local workforce with wealth and investment banking staff to take the biggest hit.
Downsizing could continue as up to 100 employees at the local unit could eventually be laid off by year-end. As of end-2022, the unit housed 234 staff with 36 in wealth management and 58 in investment banking-related businesses.
Following the takeover, UBS plans to offload Credit Suisse Securities (China) – 51 percent owned by Credit Suisse – in order to comply with local regulations which does not allow control in more than one securities joint venture. UBS has an existing securities joint venture in China with a 67 percent stake.
