Financial Services category powered by

Credit Suisse to cut 80% of Hong Kong investment bank jobs

Credit Suisse is preparing to make around 80% of its Hong Kong-based investment banking staff redundant starting this week, Reuters news agency has reported citing two people with knowledge of the matter said.

The move is part of the bank’s integration with UBS Group.

Only about 20 bankers will be spared the cuts that will impact Credit Suisse’s 100-strong investment banking team in the territory, the people said, declining to be identified as discussions on the matter were private.

Credit Suisse and UBS declined to comment when approached by Reuters.

UBS closed a Swiss government-backed deal to buy its troubled peer in June after a series of soured deals sparked an exodus of clients. It has since said it would reduce risk in Credit Suisse’s investment banking operation.

UBS laid off employees from Credit Suisse’s investment bank in New York last week, Reuters reported, citing a source familiar with the situation. UBS has also decided to close Credit Suisse’s office in Houston, the source said.

Market participants expect UBS to provide more detail this month on its integration plans. Its targets and indications from insiders and analysts point to cuts amounting to about a third of the combined group’s global workforce.

Read More

CEO Thrasos Tsangarides on UW Group's 25th anniversary and new brand identity
US Embassy’s Carter Wilbur: The "bad actors" and Cyprus' progress in tackling financial crime
High Commissioner Michael Tatham on the Cyprus-UK strategic cooperation to combat financial corruption
London ‘Minds in Cyprus’ event held with great success (pics)
Cyprus–Finland maritime partnership deepens ahead of President Christodoulides’ visit
Christodoulides discusses bilateral cooperation and EU-UK relations with Starmer
"This is the best time for you to invest your future in Cyprus" experts tells 'Minds in Cyprus' audience
Evgenios Evgeniou invites skilled UK Cypriots to let their personal stories become part of Cyprus' story
Experts discuss 'A Changing Cyprus: New Horizons for Talent and Enterprise' in London
Christodoulides calls on skilled UK Cypriots to contribute to a changing Cyprus