Credit Suisse Singapore bankers fear harsh cuts

Posted by PSR_AXP 24 days ago
As Credit Suisse presses ahead with its restructuring, it's said to be cutting between 10% and 15% of headcount in its investment banking and capital markets division in the Asia-Pacific (APAC) region.
Sources say that the cuts are understood to be happening this week as Credit Suisse pulls the trigger on its plan to cut 2,700 jobs representing 5% of the bank’s workforce in the fourth quarter. This is part of a bigger plan to slash overall headcount by 9,000 by the end of 2025.
While it’s not apparent yet which specific roles are being cut, what’s clear is that the bank’s APAC operations are not being spared as Credit Suisse starts the painful process of carving out its investment banking and capital markets division into a new entity called CS First Boston, to be run by Michael Klein. 

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