Credit Suisse branch cuts jobs in Hong Kong and Singapore

Credit Suisse Private Banking, a unit of Switzerland's second-largest bank Credit Suisse Group, cut 41 jobs in its portfolio management offices in Hong Kong and Singapore. 'We think it's a good time to be streamlining our operations and to save cost,' a spokesman said. 'Because of the economic crisis in the whole of the Asia-Pacific region, we think that things will be rather bleak for the next 24 months.' The cuts began on Wednesday in Hong Kong, leaving the unit's office with a staff of 40. In Singapore, six fund managers in the portfolio management division were officially informed of the decision yesterday. Credit Suisse's Asian portfolios have been slashed from 35 portfolios down to one, because of the slump.