Credit Suisse unveiled more cuts to its personnel regiment, its first such development since posting its $2.4 billion loss last month. Its latest cuts are more muted in scale, entailing less than ten jobs in its Asian equities decks.
More specifically, Credit Suisse Group is jettisoning half a dozen equities jobs in Hong Kong and Tokyo as part of its plan to restore profitability, according to a Bloomberg report. The decision represents a departure from Credit Suisse’s strategy thus far, which has focused on cuts in the UK or Europe.
Back in December, Credit Suisse announced an additional round of cuts in Switzerland, as well as plans to restructure its business in order to return to profitability after losing close to $3 billion. The bank revealed that it would be seeking to increase its cost cutting efforts by around $820 million.
Part of the Plan
Last month in its annual report, Credit Suisse also revealed that it would also part ways with upwards of 5,500 jobs in 2017 – this compares with a total of 7,250 cuts last year, part of its eventual 2018 cost-cutting target. The majority of job losses have been confined to the back office, IT, and branch jobs.
In particular, the lender is also axing the role of Matt Pecot, Credit Suisse’s Head of Prime Services for the Asia-Pacific (APAC) region, and Jamie White, a Hong Kong-based Director for Sales Trading – the other layoffs were four equities analysts in Tokyo.