Credit Suisse is discontinuing its cash equity sales business in Japan and has informed its institutional clients, including hedge funds, about the halt in order-taking. The move comes as UBS Group undergoes a worldwide revamp. Several Tokyo-based staff are reportedly departing due to this decision, and Credit Suisse’s investment banking segment has already pulled out of stock underwriting in Japan. Following the acquisition of Credit Suisse, UBS now has a workforce of approximately 120,000 and plans to cut around 30% of these roles, with a significant reduction in investment bankers in the Asia-Pacific region. Despite UBS showing limited interest in Credit Suisse’s investment bank, they intend to leverage it for global business reinforcement. UBS will disclose more about its strategy on August 31 alongside Q2 combined bank results.
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