The Zurich-based bank declined to say how many people had been made redundant, or to give other details about the reported cutbacks, which are understood to have included some high-ranking executives.
“We can’t comment on specific cost measures executive in individual businesses or geographies,” a company spokesman said.
“Having said that, I’d like to point out that we continue to manufacture asset management products in Spingapore, so any cost measures there do not impact that.”
Earlier this month, Credit Suisse unveiled plans to combine its private banking and asset management divisions globally to form a new Private Banking & Wealth Management Division, to be headed up by Hans-Ulrich and Robert Shafir, who will continue in their roles as regional chief executives for Credit Suisse’s Swiss home market and Americas region, respectively.
Since last year, Credit Suisse has also been boosting its private banking operations in Southeast Asia, and cutting back in those areas it sees as less potentially profitable, as part of a cost-cutting programme that had as its goal a Chf3bn (£2bn, $3.2bn) in annual savings by the end of 2013.
This year, it announced additional cost saving targets of a further Chf by 2015.
Also earlier this year, the bank sold its investment in Aberdeen Asset Management – which has a sizeable presence in Singapore, although it is based in Scotland.
