As it continues to cut jobs amidst its restructuring, Credit Suisse has now cut jobs in Mexico. A team of equity analysts based in the country was fired.
The Credit Suisse job cuts axe has now fallen on Mexico, as the bank dismissed nine people on Friday, according to a «Bloomberg» (behind paywall) report Tuesday night which cited people familiar with the matter.
As part of its restructuring, the bank is cutting 2,700 in the fourth quarter, as finews.com reported in early November.
Among the employees dismissed from the team of equity analysts were three lead analysts. Credit Suisse had 38 employees in Mexico at the end of 2021 which dropped to 19 in September, Bloomberg said citing regulator and Mexico brokers association (AMIB) data.
Some of the staff reductions came as Credit Suisse transferred its local wealth portfolio to a Mexican brokerage.
Losing Money in Mexico
The report went on to say that the stock market in Mexico has been contracting for some time, suffering from a lack of IPOs and company delistings. Last year, Credit Suisse's Swiss competitor UBS shuttered its brokerage operations in Mexico.
By contrast, two years ago, Julius Baer was hiring bankers from UBS and Credit Suisse to expand its operations in Mexico, as finews.com reported. Earlier this year, it bolstered its team further in Latin America.
Brazil Job Cuts
Mexico was not the first Latin American business unit to see jobs cut. In Brazil, 21 positions in the firm's wealth management unit in Brazil were cut in September as finews.com also reported.
A Credit Suisse spokesman declined to comment to Bloomberg.
