Credit Suisse eyes 9000 job cuts, senior bank staff asked to go

Credit Suisse Group is going ahead with sweeping plans to cut 9,000 jobs and it has begun firing in Asia.

The move is seen as part of the company-wide overhaul meant to draw a line under a series of scandals and help it recover from a £3.5bn loss.

Managing directors across investment banking and financing are set to become casualties as the Swiss giant carries out its plan to reduce global headcount by 9,000, Bloomberg reported.

Johnson Chui, Asia-Pacific head of equity capital markets, Karen Yap from the financing group, and Ee-lin Tan, head of ratings advisory, were asked to leave.

According to the report, the departures also include Kuvesh Pather, the head of trading for the financing group in Australia, at least two Singapore-based bankers from the same group, and two directors from investment banking and capital markets.

Credit Suisse Group has started cutting senior bank jobs in Asia including three managing directors across investment banking and financing as the Swiss giant carries out its plan to reduce global headcount by 9,000, people familiar with the matter said.

Meanwhile, Vik Bali, Credit Suisse’s chief operating officer of private banking for South Asia, also quit.

Credit Suisse warned last month that it will probably record its fifth straight loss this quarter due to costs related to the revamp. The firm has announced some major changes as chief executive officer Ulrich Koerner seeks to put an end to years of scandals and management missteps.