A number of Credit Suisse employees are departing from Tokyo as part of the winding down in Japan process.

The country’s stock underwriting has already been discontinued by the investment bank division of Credit Suisse.

According to Bloomberg, UBS’s headcount has risen to approximately 120,000 as a result of the acquisition of Credit Suisse.

However, the Swiss bank plans to eventually reduce this number by about 30%, and it is also considering laying off two-thirds of investment bankers in the Asia-Pacific region.

As of March, this year, the Japanese securities unit employed 421 people, and in addition to other services such as wealth management, it also provided foreign exchange trading.

Since the government-brokered deal was made public in March, UBS has stated that it will continue to follow its own strategy of operating with a smaller, capital-light securities division and relying only on Credit Suisse’s investment bank to support its global operations while keeping the rest of the organisation under control.

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In addition, UBS has reached a deal with the US Department of Justice (DOJ) to resolve a legacy matter from 2006-2007 regarding the issuance, underwriting, and sale of residential mortgage-backed securities (RMBS).

The deal states that UBS will pay $1.435bn to settle all civil charges brought by the Department of Justice in relation with UBS’ heritage RMBS business in the United States.

The settlement had previously been fully provided.

Furthermore, contrary to the fourteenth Global Wealth Report, which was just released jointly by Credit Suisse and UBS, global wealth will grow by 38% over the next five years, reaching $629trn by 2027.