Credit Suisse cuts jobs for senior Asian banks, including Singapore, as overhaul begins

Hong Kong – Credit Suisse Group AG launched Cut senior banking positions in Asia Three managing directors from investment banking and financial divisions are included as the Swiss giant implements plans to cut 9,000 jobs worldwide, according to people familiar with the matter.

Bankers fired included Johnson Chui, Asia-Pacific head of equity and capital markets, Karen Yap of financial groups and Yi-Ling Tan, head of ratings advisory, the sources said. said the person. empowered to speak publicly.

Retirees also include Qubesh Patter, head of trading for the Australian financial group, at least two Singapore-based bankers from the same group, and two directors from investment banking and capital markets. said the official.

A Credit Suisse spokesman in Singapore declined to comment. The three managing her directors and her Pather did not respond to messages seeking comment.

Swiss lenders are undergoing a sweeping overhaul as they seek to cut CHF2.5 billion (S$3.63 billion) from their cost base. As part of the plan, the bank said it will begin cutting 2,700 jobs in the fourth quarter and aims to cut about 9,000 jobs by 2025.

The cuts in Asia came after trading in China, one of the biggest growth markets, slowed and banks posted mark-to-market losses at regional financial groups.

Meanwhile, Vic Bali, chief operating officer of Credit Suisse’s South Asia private banking division, has also resigned, the people said. Bali did not respond to a request for comment.

Credit Suisse warned last month that costs associated with the reforms would likely put it on a five-game losing streak this quarter. The company announced a number of changes, including the sale of its securitized commodity group and a capital increase as CEO Ulrich Kellner puts an end to years of scandals and management failures.bloomberg