HONG KONG (BLOOMBERG) - Credit Suisse Group is cutting at least half a dozen equities jobs in Hong Kong and Tokyo, as the bank continues to rein in costs in an effort to boost returns, according to people with knowledge of the matter.
Among those leaving the Zurich-based bank are Matt Pecot, head of prime services for the Asia-Pacific region, and Jamie White, a Hong Kong-based director for sales trading, the people said, asking not to be identified because they're not allowed to discuss private information. Credit Suisse also let go four equities analysts in Tokyo, they said.
Credit Suisse announced in December it will cut an additional 1 billion Swiss francs (S$1.41 billion) in costs after lowering profit targets for its Asian division and for the international wealth-management operation. Chief executive officer Tidjane Thiam is under pressure to deepen cost reductions as he pursues a plan to downsize the investment bank in favor of wealth management, where he sees the best potential for growth.
The Tokyo analysts leaving the bank include Shinya Yamada, who covered steel stocks, Masami Sawato, covering chemicals and other industries, and Masataka Kurita, a quants analyst, according to the people.
A Hong Kong-based spokesman at the bank declined to comment.
Last year, Credit Suisse named Ali Naqvi as sole head of global markets for the Asia-Pacific region, part of a move to consolidate management of the equities and fixed-income operations of its investment-banking unit. Naqvi has since been appointed executive chairman of global markets for the region, with Ken Pang taking his former role.
Pecot, White, Yamada and Kurita couldn't be reached for comment. Sawato declined to comment.