Credit Suisse had seemed immune to the gloom pervading banking circles across Asia in recent years. Its focus on the region’s burgeoning number of entrepreneurs even created a rare source of growth within the Swiss lender.
However chief executive Tidjane Thiam made clear on Wednesday that its Asian cash equities has to shrink. The firm cut broking jobs in the first few months of this year with more redundancies expected in the second quarter.
“Efficiency is imperative and there is no Asian exception to that,” said Thiam who has been reshaping Switzerland’s second-largest bank since he joined in 2015.
Credit Suisse is not alone...