CSFB fires 18 investment bankers
CSFB is laying off 18 staff from its non-Japan Asia investment banking division. The 18 who are being axed mainly work in the firm's Hong Kong office although some are going from Singapore and other Asian offices.
Commenting on the move CSFB spokesman's Tom Grimmer said: "This is part of the continuing adjustment we are making after the acquisition of DLJ last November. Its also a reflection of what is happening in the market."
The affected staff are all relatively junior with analysts, associates and vice presidents being the only ones getting the pink slips. They all work in CSFB's investment banking division with some coverage - or relationship - bankers among those being laid off.
"After these job cuts, we are now roughly the same size as all our other bulge bracket competitors in the region. We were a bit heavy before but now we are the right size. It wont affect our business," said Grimmer.
CSFB employs 2400 people in Asia including 700 in Japan, and 500 in Australia and New Zealand. In November last year the firm completed its acquisition of DLJ which brought an additional 100 staff to the Asian headcount. After the present cuts CSFB will employ 140 professionals in its non-Japan Asia investment banking division.