Staff At Credit Suisse China Securities JV Will Be Down 46%

(CTN News) – There was a 46% drop in staff numbers at Credit Suisse’s securities brokerage joint venture in China in 2023, which was a year when the Swiss authorities arranged a takeover to keep the company from collapsing as a result of a lack of funding.

As of December 31, according to Credit Suisse Securities (China) Ltd’s annual report for the current year, the number of employees at Credit Suisse Securities (China) Ltd has decreased from 234 a year ago to 126 as of this past December 31 to reflect the company’s ongoing growth.

Reports published by Reuters last year suggest that the Chinese venture has made several rounds of layoffs in an effort to curb losses, which was attributed to an attempt to alleviate losses.

Swiss authorities have put in place the largest bank merger since the global financial crisis of 2008 when Credit Suisse was taken over by its cross-town competitor UBS directly through a takeover deal, as part of a hastily arranged merger.

I contacted UBS for a comment over a month ago, but I have not heard back from them since then. The bank, however, has not responded to my inquiry as of yet.

It is anticipated that the Credit Suisse China division will be sold after the merger announcement is announced in March 2023. Following the announcement of the merger, it is likely that Credit Suisse China will be sold.

There have been great strides made by the unit over the past year in reducing its operating losses, which had reached 255 million yuan ($27.5 million) in 2022, to 199 million yuan ($27.5 million) last year.

Bloomberg News reported this month that UBS was negotiating with a Beijing government investment fund to acquire full ownership of its onshore securities venture by swapping its holding in Credit Suisse’s onshore securities venture with the fund controlling the Chinese platform.

New Layoffs At UBS As Credit Suisse Integration Continues

New Layoffs At UBS As Credit Suisse Integration Continues

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