Credit Suisse is forging ahead with expansion in China, with the country and Hong Kong set to see the strongest pace of headcount growth in Asia, its regional head said, even as the Swiss bank’s turnaround strategy leads to job losses elsewhere.
Battered by years of scandals and losses, Credit Suisse is raising new capital for an overhaul, which will see thousands of job cuts and shift its focus away from investment banking and towards less volatile wealth management.
As part of the global revamp, Credit Suisse is evaluating its presence in 13 locations in Asia-Pacific with an aim to “simplify” operations in each location, Credit Suisse’s Singapore-based Asia-Pacific chief executive Edwin Low told Reuters, without elaborating.
Low said China and Hong Kong, however, will remain brighter spots.
“If I look at Asia-Pacific headcount in the next five years, China and Hong Kong will be the biggest growth market for us,” he said. “It’s very clear that the market is bigger in China than it is in South-east Asia, Australia or India.”
A Credit Suisse report in September forecast the number of Chinese millionaires will double by 2026.
