Credit Suisse lays off one-third of China-based investment bankers

Credit Suisse has laid off about one-third of its China-based investment banking team and nearly half of its research department, sources with knowledge of the matter told Reuters, as part of a global restructuring and as its China business slows.
 

The sources declined to be identified as the information is confidential.
 

Credit Suisse declined to make specific comments on the layoffs in China when contacted by Reuters.
 

Two sources said that more than 20 China-based investment bankers have been notified about the job cuts at Credit Suisse Securities (China), the bank's 51%-owned joint venture.
 

Credit Suisse's China annual report shows