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THE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & LifestyleTHE BIZNOB – Global Business & Financial News – A Business Journal – Focus On Business Leaders, Technology – Enterpeneurship – Finance – Economy – Politics & Lifestyle

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Credit Suisse China Securities JV Witnesses 46% Staffing Decline in 2023

Credit Suisse China Securities JV Witnesses 46% Staffing Decline
Credit Suisse China securities JV says staff down 46% in 2023 Credit Suisse China securities JV says staff down 46% in 2023
Credit Suisse China Securities JV Witnesses 46% Staffing Decline
Credit Suisse China securities JV says staff down 46% in 2023 Credit Suisse China securities JV says staff down 46% in 2023

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Credit Suisse China Securities JV Witnesses 46% Staffing Decline in 2023

Credit Suisse’s securities brokerage joint venture in China, Credit Suisse Securities (China) Ltd, revealed a significant decrease in staff numbers, plummeting by 46% in 2023. The firm’s annual report, dated Tuesday, disclosed that the employee count stood at 126 by the end of December, down from 234 in the preceding year.

Last year, the Chinese venture underwent multiple rounds of layoffs as part of efforts to mitigate losses, as reported by Reuters. The Swiss authorities intervened to orchestrate the takeover of Credit Suisse by cross-town rival UBS, marking the most significant bank merger since the 2008 global financial crisis. UBS has yet to respond to requests for comment on this matter.

Following the merger announcement in March 2023, Credit Suisse initiated the process of selling its China unit. Despite the challenges, the unit managed to narrow its operating loss, reporting a figure of 199 million yuan ($27.5 million) for 2023, an improvement from 255 million yuan in 2022.

In recent developments, Bloomberg News revealed that UBS is engaged in discussions to secure full ownership of its China platform by exchanging its stake in Credit Suisse’s onshore securities venture with an investment fund backed by the Beijing government.

This potential acquisition by UBS suggests a strategic move to strengthen its presence and operations in the Chinese market. The reported talks indicate UBS’s interest in consolidating its foothold in China’s financial sector by taking full control of its securities business in the country.

The proposed swap of UBS’s holding in Credit Suisse’s onshore securities venture for full ownership of its own China platform underscores the evolving dynamics in the Chinese financial landscape. It reflects UBS’s commitment to expanding its operations in China and aligning its business strategy with the regulatory environment and market conditions.

If the negotiations proceed and the deal materializes, it could mark a significant development in the global banking industry’s ongoing restructuring efforts. Additionally, it may have implications for Credit Suisse’s future strategy and operations in China as the bank continues to navigate challenges and pursue avenues for growth in the region.


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