Credit Suisse cuts most of Japan investment banking headcount: sources

CREDIT Suisse Group has cut most of its investment banking division headcount in Japan of more than 20 staff, three people familiar with the matter said, as the embattled Swiss bank revamps its business globally.

The sources declined to be identified as they were not authorised to talk to the media.

“Credit Suisse remains committed to our investment banking & capital markets clients throughout the Apac (Asia Pacific) region,” the company told Reuters in response to a query on Thursday (Mar 9).

“Our global franchise will continue to work with clients in all key markets including Japan, as it has done for many years,” it said.

The move is part of the lossmaking bank’s global overhaul after a string of heavy losses and scandals threatened its survival.

Credit Suisse’s investment banking division, which houses capital markets and M&A advisory businesses, undertook a two-phase restructuring in Japan, nearly halving the number of its bankers in November and then shedding all but a few in January, two of the people said. REUTERS