Credit Suisse has started its planned job cuts in Asia as well with three managing directors said to be among those let go.
Continuing its restructuring, Credit Suisse is now starting to cut senior positions in Asia, including three managing directors, according to a «Bloomberg» (behind paywall) story Tuesday citing people familiar.
The dismissed bankers include Johnson Chui, head of equity capital markets Asia Pacific, Karen Jap of the financing group, and Ee-lin Tan, head of rating advisory.
The financing group's head of trading in Australia, Kuvesh Pather, is also reported to have lost his job, according to the report. In addition, at least two other Singapore-based bankers in the division, as well as two employees with the rank of director from the investment banking and capital markets divisions, have been dismissed, it said.
APAC Key Growth Pillar
Credit Suisse did not comment directly on the departures when asked by finews.com. It said in a statement that the bank has a leading wealth management business in the region and that APAC represents exciting opportunities and remains a key pillar of growth for the bank globally. The decisive actions announced to transform the bank will strengthen our franchise in the region with a laser focus on serving our clients.”
Switzerland's second-largest bank expects to run with around 43,000 full-time employees (FTE) by the end of 2025, compared to about 52,000 at the end of the third quarter of this year, reflecting natural attrition and targeted headcount reductions. A headcount reduction of 2,700 FTE, or 5 percent of the Group’s workforce, was already underway in the fourth quarter of last year.
