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Credit Suisse cuts eight jobs in southeast Asia amid restructuring push - Reuters

By Scott Kanowsky 

Investing.com -- Credit Suisse Group AG (SIX:CSGN) has slashed eight jobs from its investment banking and capital markets unit in southeast Asia, according to two sources familiar with the situation quoted by Reuters.

Teams in the region involved with products, sector coverage, and capital markets were impacted by the cuts, one source told Reuters.

The news agency also quoted sources saying that jobs were being reduced elsewhere in southeast Asia, but overall losses were not as bad as employees had initially anticipated.

Credit Suisse announced in October that it would shrink its workforce to 43,000 from 52,000 in the next three years, with 2,700 roles targeted for removal by the end of 2022. The embattled Swiss bank hopes these cuts, along with a planned CHF 4 billion capital raise, will help it restructure its operations following a third quarter loss and a series of corporate scandals.

Shares in Credit Suisse rose on Friday.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 71.4% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.