Credit Suisse Brazil lays off some wealth management staff

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The logo of Swiss bank Credit Suisse is seen at an office building in Zurich, Switzerland September 2, 2022. REUTERS/Arnd Wiegmann/File Photo

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SAO PAULO, Sept 19 (Reuters) – Credit Suisse Brazilian unit has reduced the size of its wealth management division, the bank said in a statement on Monday. One source with knowledge of the matter said the bank has dismissed 21 employees last week.

In a statement, Credit Suisse (CSGN.S) said its wealth management operations in Latin America and Brazil were merged into a single unit. “As part of this reorganization, certain redundancies were identified that resulted in staff reductions, particularly in the support functions,” the statement said.

Credit Suisse has around 1,000 employees in Brazil and 500 in the wealth management division, the person said, asking for anonymity because is not authorized to discuss the issue publicly. The firing of the wealth management employees was first reported by Valor Economico website.

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Reporting by Tatiana Bautzer; Editing by Aurora Ellis

Our Standards: The Thomson Reuters Trust Principles.

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