Credit Suisse securities brokerage joint venture in China announces 46% drop in headcount in 2023

Credit Suisse securities brokerage joint venture in China announces 46% drop in headcount in 2023
Credit Suisse securities brokerage joint venture in China announces 46% drop in headcount in 2023

Credit Suisse’s securities brokerage joint venture in China said its workforce fell 46% in 2023, the year Swiss authorities staged a buyout to prevent the company from collapsing.

Credit Suisse Securities (China) Ltd said in an annual report dated Tuesday that the number of employees stood at 126 at the end of December, up from 234 a year earlier.

The Chinese company carried out several waves of layoffs last year to try to stem losses, according to Reuters.

Swiss authorities hastily arranged the takeover of Credit Suisse by rival UBS, in the biggest banking merger since the 2008 global financial crisis.

UBS did not immediately respond to a request for comment.

After the merger was announced in March 2023, Credit Suisse put its Chinese unit up for sale.

The unit said its operating loss narrowed to 199 million yuan ($27.5 million) last year, from 255 million yuan in 2022.

Bloomberg News reported this month that UBS was in talks to gain full ownership of its China platform by swapping its stake in Credit Suisse’s onshore securities business with a Beijing government investment fund.

($1 = 7.2401 Chinese yuan renminbi) (Reporting by Selena Li in Hong Kong; Writing by Engen Tham; Editing by William Mallard)

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