Credit Suisse Group AG has begun cutting senior banking jobs in Asia, including three managing directors of investment banking and financing, as the Swiss giant carries out its plan to reduce global headcount by 9,000, people familiar with the matter said.
Among the bankers fired were Johnson Chui, head of Asia-Pacific equity capital markets, Karen Yap of the financial group, and Ee-lin Tan, head of rating counseling, said the people, who asked not to be identified because they are not authorized to speak publicly.
The departures also include Kuvesh Pather, the financial group’s head of operations in Australia, at least two Singapore-based bankers from the same group, and two heads of investment banking and capital markets, the people said.
A spokesman for Singapore-based Credit Suisse declined to comment. The three CEOs and Pather did not respond to messages seeking comment.
The Swiss lender is undergoing a broad overhaul, seeking to cut 2.5 billion francs ($2.5 billion) from its cost base. As part of the plan, the bank has said it began 2,700 job cuts in the fourth quarter and aims to cut about 9,000 jobs by 2025.
The cuts in Asia come after trading in China, one of its biggest growth markets collapsed and the bank posted market losses in its financial group for the region.
Meanwhile, Vik Bali, head of private banking operations for South Asia at Credit Suisse, also resigned, the people said. Bali did not respond to a request for comment.
Credit Suisse warned last month that it will likely post its fifth straight loss this quarter due to renovation-related costs. The firm has announced a series of changes, including the sale of its group of securitized products and a capital raise, as Chief Executive Ulrich Koerner seeks to end years of scandals and management errors.
Source: Bloomberg
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