Credit Suisse First Boston (CSFB), the investment-banking arm of the Credit Suisse Group, fired 18 investment bankers in Asia on Friday as it cuts costs amid the global economic slowdown and consolidates its headcount following its merger with a United States bank.
"We have cut 18 investment bankers in Asia and the majority of those are bankers based out of Hong Kong. The remaining are staff from Singapore," said Tom Grimmer, CSFB's spokesman in Hong Kong.
"There were two reasons for the cut, firstly, the global economic slowdown and secondly, the move is a further adjustment of staff after our acquisition of DLJ (Donaldson, Lufkin and Jeanrette)," he said.
CSFB, which completed its acquisition of DLJ in November last year, employs about 1,200 staff in Asia excluding Japan. Among them are 140 investment bankers.
swissinfo with agencies