Credit Suisse lays off most of Japan investment banking headcount

An embattled Credit Suisse Group, which had earlier announced its revamp plan, slashed more than 20 staff members of its investment banking division in Japan.

“Credit Suisse remains committed to our investment banking and capital markets clients throughout the Apac (Asia Pacific) region,” the company was quoted as saying by Reuters.

The company, however, maintained that the global franchise will continue to work with clients in all key markets, including Japan, like before.

The layoff is believed to be part of the struggling bank’s global overhaul after a spate of heavy losses and scandals.

Credit Suisse’s investment banking division, which houses capital markets and M&A advisory businesses, earlier saw a two-phase restructuring in Japan. In November last year, nearly half of its headcount of bankers was reduced. The bank further moved to shed a few staffers in January.