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Latest banking news, Jan. 27, 2023

Credit Suisse Group AG Branches Ahead of Earnings

Credit Suisse Group dismissed most of its team of Mexico-based bankers as part of its global drive to shrink its investment bank, according to people with knowledge of the matter. The cuts were focused on structured-finance investment bankers, leaving the brokerage unit standing, one of the people said, asking not to be identified discussing information that isn’t public. “Credit Suisse remains committed to our investment-banking and capital-markets clients throughout the Latin America region,” the Zurich-based  company said in an emailed statement. “Our global franchise will continue to work with clients in all key markets including Mexico, as it has done for many years.” The Swiss lender has been reducing headcount across its divisions after announcing plans last year to eliminate 9,000 roles globally by 2025. The Mexico cuts follow the dismissal of Credit Suisse’s team of local equity analysts in December and the transfer of its local wealth portfolio, along with staff, to the Mexican brokerage Corporacion Actinver. Credit Suisse had 38 employees at its Mexican brokerage and investment bank at the end of 2021, and 19 at the end of September, before the equity analysts and investment bankers were cut, according to regulator data and Mexico’s AMIB broker association. — Michael O’Boyle, Bloomberg News

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