BASEL: Switzerland’s second-biggest bank will cover some South African and Gulf stocks affected by the changes by using existing research staff elsewhere, two of the people said, asking not to be identified because the information is private. Credit Suisse equity analysts in other emerging markets may also be affected, one of the people said.
Chief Executive Officer Tidjane Thiam said last week that the bank was looking for ways to reduce expenses at its trading unit after it racked up about $1 billion in unexpected writedowns. Europe’s largest lenders have been under pressure to restructure their securities businesses as volatile markets erode revenue.
Thiam plans to boost Credit Suisse’s profitability by focusing on Asia-led wealth management and said in his Sept. 27 presentation that Credit Suisse is on track to meet its goal of 6,000 job cuts this year, with 1,200 still to come.
