Mizuho Financial Group’s American subsidiary is set to add a team of 20 traders from Credit Suisse Group in order to strengthen its business in the country, reported Bloomberg.

The hiring is aimed at helping the Japanese firm to buy a sizable part of Credit Suisse’s agency securitised-products trading operations, a spokesman told the publication.

The team is anticipated to join Mizuho this week. It comprises Serena Lin, Anthony Buffone, Vipul Jain and Lyndon Pereria, a person privy to the development added.

The Swiss bank refused to offer any comment on the matter. The traders were also tight-lipped about the matter.

Mizuho, under its CEO Masahiro Kihara, has been exploring options to enhance its footprint in the American capital markets.

Last year, Kihara revealed aggressive plans to appoint bankers to expand its activities with non-investment-grade firms.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Credit Suisse is currently undergoing an expensive overhaul that involves 9,000 layoffs and selling large portions of its investment bank.

The bank’s image has also been tarnished by a series of scandals and losses.

A recent report by The Financial Times stated that Credit Suisse Group could fire more than 10% of its investment bankers throughout Europe this year.

Mizuho’s latest move also follows the announcement of a deal worth JPY80bn ($552m) for the purchase of a 19.99% stake in Rakuten Group’s securities subsidiary. The deal, which was reached with Mizuho’s securities arm, was aimed at helping the firm to compete with rivals in the digital brokerage sector.