Credit Suisse Group has reduced its staff at its investment banking unit in Asia to reduce costs as it grapples with losses and a weakening outlook for the global economy. More cuts may follow in the fourth quarter, according to sources. The Swiss lender said it continually reviews and reallocates resources and human capital to meet evolving market opportunities. Within the Greater China investment-banking business, Credit Suisse parted ways with about 10 client-facing bankers. The Swiss lender’s China business lost two senior managers as businesses on the mainland are hurt by Covid-zero policies as well as rising geopolitical risks. Larry Tung, chief information officer for the bank’s China securities venture, and the unit’s chief compliance officer Xu Yang resigned recently. Credit Suisse plans to grow the wealth unit by focusing on priority markets such as Hong Kong and Singapore.
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