HONG KONG (Reuters) – Around 80% of Hong Kong-based staff at investment bank Credit Suisse will be laid off from this week, two sources familiar with the matter told Reuters, after the Swiss bank was taken over by UBS in June.
Only about 20 bankers will be spared from the staff cuts impacting Credit Suisse’s 100-person team in Hong Kong, said the sources, who preferred to remain anonymous.
Credit Suisse and UBS declined to comment.
UBS finalized in June the acquisition of its competitor Credit Suisse, battered by a series of financial scandals and losses which scared away customers. The bank had warned that it would reduce risk in Credit Suisse’s investment banking operations.
UBS last week laid off employees at Credit Suisse investment bank in New York, a source familiar with the matter reported Reuters.
Market participants expect UBS to provide a detailed update on its integration plans this month. Expectations relate to job cuts representing around a third of the workforce of the new combined group.
(Report Selena Li, with the contribution of Julie Zhu; French version Lina Golovnya, edited by Blandine Hénault)
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