Credit Suisse cuts 8 jobs in Southeast Asia, part of Asia job cuts

SINGAPORE: Credit Suisse has cut eight jobs in its Southeast Asia investment banking and capital markets team, two sources familiar with the matter said, just weeks after the Swiss bank announced global job losses as part of a restructuring plan.

Credit Suisse said in a statement on Friday that the bank’s global headcount reduction of 2,700 full-time-equivalent employees, or 5% of the group’s workforce, is already underway this quarter.

Credit Suisse banking on restructure revamp

Last month, Credit Suisse said it plans to raise 4 billion Swiss francs from investors and cut thousands of jobs and shift its focus from investment banking towards rich clients as the bank attempts to put years of scandals behind it.