Swiss bank Credit Suisse is reducing about 20 percent of its staff in the India wealth management unit as part of its global headcount reduction plans amid tough market conditions, two sources with knowledge of the situation said on Friday. Out of about 60 people in Credit Suisse's India wealth management unit, 12 are leaving the firm, the sources said, adding Puneet Matta, head of the business unit, left the bank about a week back.
The sources declined to be named as the matter was not public yet. "Credit Suisse remains fully committed to the Indian market. We continue to be proactive about monitoring the size of our business relative to efficiencies and market conditions," said Mihir Doshi, CEO of Credit Suisse in India.
Switzerland's second-biggest bank said last month it was cutting about 2,000 jobs globally after weak trading activity and the strong Swiss franc hit second-quarter results. Investment banks world-wide have been hit by slow trading due to the debt problems in the eurozone and United States, as well as regulations aimed at forcing banks to hold more capital to protect them from future shocks after the 2008 global financial crisis.
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