Credit Suisse exits SA:
Swiss bank Credit Suisse has made a quiet exit from SA as the deadline for meeting its cost savings target by the end of 2018 nears. It said on Wednesday that it closed its Johannesburg office six months ago.
“We announced earlier this year that we were reviewing our operations in Johannesburg, and subsequently took the decision to close the office,” the bank said in an e-mailed response.
The bank, which manages assets and offers private banking services to wealthy investors, had been operating the Johannesburg office for 10 years after re-entering in 2006.
It has 26 staff members after cumulatively reducing its SA headcount from 60 four years ago. The closing of the SA operations was meant to help Credit Suisse meet its Sf4.2bn (about R59bn) cost-cutting target at the end of 2018.
The company has shut down several other offices in 2018, including Peru, Venezuela and one of its offices in London. It reported last week that it has now achieved 96% of its total targeted cost savings.
Since 2016, Credit Suisse has been exiting businesses that, according to the company’s latest financial report, did not cover their cost of capital or were not in line with its strategy.
But the bank said SA remained a focus region.