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July 5, 2022

Credit Suisse slashes investment banking jobs in Asia overhaul

Swiss investment bank Credit Suisse is cutting jobs in its Asia investment team amid losses and a dwindling outlook for the global economy, reported Bloomberg News citing with knowledge of the matter.

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  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
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  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
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The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
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The Zurich-headquartered bank, which flagged a possible second-quarter loss last month, is slashing more than two dozen front-line roles at its investment banking arm in Asia.

The redundancies, which fell across businesses including deal-making and trading, are said to be in line with the bank’s accelerating global effort to cut costs.

The reductions are said to include the dismissal of about 10 client-facing bankers at its Greater China unit.

The bank also lost two senior managers, its China securities venture CIO Larry Tung and chief compliance officer Xu Yang, due to Covid-Zero policies as well as rising geopolitical risks, said the sources.

More job cuts are likely to follow in the fourth quarter, divulged one of the sources.

Last month, Bloomberg reported that Credit Suisse is weighing layoffs at its key business units as the bank prepares to face its third straight quarterly loss.

The bank said that the loss is tied to a slump at its investment banking and trading units as well as the widening credit spreads and client deleveraging amid volatile markets.

Commenting on the job cuts, Credit Suisse said in an e-mailed statement to the news agency: “As with any organisation, employee attrition and turnover is a natural part of executing our business in a disciplined manner. Credit Suisse continually reviews and reallocates resources and human capital to meet evolving market opportunities.

“APAC is an important growth market for Credit Suisse and we are committed to investing in the region for the long term.”

Free Report
img

Analyze opportunies within the wealth management market in APAC

GlobalData’s ‘Asia-Pacific Wealth Management: Market Sizing and Opportunities to 2026’ report provides a comprehensive overview of the Asia-Pacific (APAC) wealth management market.
  • The report analyzes the APAC wealth and retail savings and investments markets. This includes affluent market size, both by number of individuals and the value of their liquid assets.
  • The affluent population grew by 5.3% in 2021 and is expected to grow at an AAGR of 4.8% between 2022 and 2026.
  • The value of liquid assets held by the affluent segment surged by 8.4% in 2021, backed by economic recovery. HNW individuals’ financial wealth grew by 12%, while mass affluent individuals’ wealth grew by 6.0%.
  • The report provides an analysis of factors driving liquid asset growth. It is also split into asset classes - equities, mutual funds, deposits, and bonds.
  • The affluent population are more risk-tolerant and invest a significant proportion of their investments in risky assets such as equities, compared to emerging affluent and mass market individuals.
The report also provides data and insights on the size of offshore holding of HNW investors in the APAC region.
by GlobalData
Enter your details here to receive your free Report.

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