Big cuts coming for Credit Suisse HK jobs: source

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1 年前

STORY: Big cuts are coming for investment bankers working for Credit Suisse in Hong Kong.

That's according to sources close to the matter.

They said around 80% of the lender's investment banking staff will be made redundant in the territory.

They added only about 20 bankers will be spared the cuts that will hit the 100-strong team.

It comes as Credit Suisse integrates with one-time rival UBS Group.

UBS closed a deal backed by the Swiss government to buy the scandal-hit lender in June.

It has since said it would reduce risk in the newly acquired investment banking operation.

UBS reportedly laid off employees from Credit Suisse's New York investment bank last week.

Hong Kong makes up the lender's biggest share of investment bankers in Asia.

Analysts have suggested cuts could reach about a third of the combined group's global workforce.

Markets expect UBS to provide more detail this month on its takeover plans

Credit Suisse and UBS declined to comment.