Credit Suisse Group AG, Switzerland’s second-largest bank, plans to dismiss 163 workers in New York.

The cuts will take place through May, the Zurich-based company said in a notice to the state Department of Labor dated Thursday.

Chief Executive Officer Tidjane Thiam is shrinking the securities operation and building up wealth management in Asia amid demands from regulators to reduce risk and boost capital levels. The company said last month that it accelerated plans to cut 4,000 jobs. Wells Fargo & Co. struck a deal last year with Credit Suisse to smooth the recruitment of the Swiss lender’s private-bank employees as their firm retreats from managing wealth for U.S. clients.

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