(Bloomberg) -- Credit Suisse Group AG, the Swiss lender seeking to lower costs at its investment bank, fired two people in Dubai and cut jobs in South Africa, including equity analysts, according to people familiar with the matter.
Switzerland’s second-biggest bank may now cover some South African and Gulf companies 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.
Credit Suisse Chief Executive Officer Tidjane Thiam said last week that the bank was looking for ways to reduceexpenses 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.
After quitting a joint venture with Standard Bank Group Ltd., Africa’s biggest lender by assets, in 2010, Credit Suisse set up its own equities team in Johannesburg. In 2012 the European bank decided to expand the unit and added six people to the team. In this year’s Financial Mail magazine’s analyst ranking survey, no Credit Suisse analysts won their categories. Other parts of the South African business won’t be affected by the job cuts, one of the people said.
Derek Hompes, the head of South African equities in Johannesburg, referred queries to the company’s London unit, which said the bank remains “committed to the Middle East and Africa and our research offering in the region.”
The bank’s head of global markets research, Stefano Natella, a 27-year veteran of Credit Suisse, quit earlier this week along with Ric Deverell, who headed global fixed income and economic research, according to an internal memo obtained by Bloomberg News.
--With assistance from Dinesh Nair and Renee Bonorchis To contact the reporters on this story: Zainab Fattah in Dubai at email@example.com, Liezel Hill in Johannesburg at firstname.lastname@example.org, Stefania Bianchi in Dubai at email@example.com. To contact the editors responsible for this story: Aaron Kirchfeld at firstname.lastname@example.org, Vernon Wessels, Andrew Blackman
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