(Hong Kong) – Credit Suisse First Boston is reportedly cutting some 20 investment banking jobs in Asia in a cost reduction move.The Bank is trimming staff in its Beijing, Bombay, Hong Kong, Jakarta, Manila, Seoul and Singapore offices, although all locations will continue to have service staffing.
Late last year CSFB employed about 600 staff in Hong Kong and 1,200 in Asia outside Japan, when about 30 staff were retrenched in its last staff reduction move.
The regional lay offs have taken place just as CSFB named Paul Calello, a former head of the global equity derivatives and convertible division, as its new Chief Executive for the region, which includes Japan, Australia and New Zealand.