Credit Suisse To Cut 80% Of Hong Kong Investment Bank Jobs: Report

Credit Suisse plans to cut 80% of Hong Kong-based investment banking staff as a part of the integration process with UBS Group AG UBS.

The job cut will not affect only about 20 bankers out of 100 in Hong Kong, which accounts for the largest chunk of investment bankers in Asia, reported Reuters.

In June, UBS reportedly disclosed a significant reduction in Credit Suisse's workforce, with more than half of the employees facing potential layoffs.

Also, last month, UBS planned a U.S. recruiting spree for wealth managers. 

Apart from this, UBS stated handling potential losses of the first CHF 5 billion in the Credit Suisse takeover, and if the amount exceeds, the Swiss government will cover losses of the next CHF 9 billion related to the emergency takeover.

Also Read: Credit Suisse Shareholder Stopped By FINMA For Increasing Stake: Report

Price Action: UBS shares are trading higher by 0.09% at $21.90 pre-market on the last check Monday.