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Credit Suisse Scales Back In Brazil

Editorial Staff

26 February 2023

Credit Suisse has shed 21 employees from its wealth management business in Brazil, Bloomberg has reported, citing unnamed sources.

The cuts mainly affect support personnel, and are designed to strengthen the Swiss bank’s operating model, the news service quoted it saying last week. 

The bank identified the redundancies after a merger between the wealth management business in Brazil and the rest of Latin America, which started in March.

The story is an example of the kind of measures that the Zurich-listed bank is contemplating as it cuts costs and restructures in the wake of losses. It has already named a new group chief executive and has started to cut risk exposures in its investment banking arm. 

Credit Suisse has about 1,000 employees in Brazil, and half of those are in the wealth management business.