Credit Suisse China securities JV sees sharp staff reduction in 2023

Credit Suisse's securities brokerage joint venture in China records a strong decline in staff numbers, plummeting by 46 per cent throughout 2023, according to an annual report from Credit Suisse Securities (China) Ltd, released on Tuesday.

The venture reported a year-end staff count of 126, down from 234 in the previous year, amidst efforts to mitigate losses, which included multiple rounds of layoffs as reported by Reuters.

This development comes in the aftermath of Swiss authorities orchestrating a takeover to prevent the firm from collapsing. The takeover, led by cross-town rival UBS, marked the largest bank merger since the 2008 global financial crisis.

Following the announcement of the merger in March 2023, Credit Suisse initiated the sale of its China unit. Meanwhile, the unit disclosed a narrowed operating loss of 199 million yuan ($27.5 million) for the year 2023, compared to 255 million yuan in 2022.

According to recent media reports, UBS is currently engaged in discussions to secure full ownership of its China platform by exchanging its holding in Credit Suisse's onshore securities venture with a Beijing government investment fund.

(With Reuters inputs)