Credit Suisse Shuts Japan Equity Trading for Hedge Funds
- Several staff in Tokyo exit as part of the closure, people say
- Part of broader move by UBS to overhaul the investment bank
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Credit Suisse is shutting its cash equity sales business in Japan, and has told hedge funds and other institutional clients it would no longer be taking orders as UBS Group AG proceeds with a global overhaul.
A number of staff in Tokyo are leaving as part of process, according to people with knowledge of the matter. Credit Suisse’s investment bank arm has already exited from stock underwriting in the country, the people said, declining to be identified as the deliberations are private. Both UBS and Credit Suisse declined to comment.