Credit Suisse trims eight jobs in South-east Asia, part of regional cuts: sources

CREDIT Suisse has cut eight jobs in its South-east Asia investment banking and capital markets team, two sources familiar with the matter said, just weeks after the Swiss bank announced a major global restructuring plan.

One of the sources said the cuts in South-east Asia affected teams involved with products, sector coverage and capital markets, but had not impacted managing directors.

Jobs were also being cut elsewhere in the region, the two sources said, but did not provide details.

The overall job reductions in Asia were less than what most employees had expected, three sources said.

Credit Suisse said on Friday (Nov 11) that the bank’s global headcount reduction of 2,700 full-time-equivalent employees, or 5 per cent of the group’s workforce, is already underway this quarter. The bank said this included attrition and targeted headcount reductions.

Last month, Credit Suisse said it plans to raise four billion Swiss francs (S$5.7 billion) from investors and cut thousands of jobs and shift its focus from investment banking towards rich clients as the bank attempts to put years of scandals behind it. REUTERS