Credit Suisse is shutting its cash equity sales business in Japan, and has told hedge funds and other institutional clients it would no longer be taking orders as UBS Group AG proceeds with a global overhaul.
A number of staff in Tokyo are leaving as part of process, according to people with knowledge of the matter. Credit Suisse’s investment bank arm has already exited from stock underwriting in the country, the people said, declining to be identified as the deliberations are private. Both UBS and Credit Suisse declined to comment.
The purchase of Credit Suisse has increased UBS’s workforce to about 120,000, which Switzerland’s largest bank intends to ultimately cut by about 30%, Bloomberg has reported, and it’s considering slashing two-thirds of investment bankers in Asia-Pacific.
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