MOSCOW Dec 5 Credit Suisse is
shuttering its investment banking operation in Moscow as part of
its drive to cut its global costs, a source familiar with the
matter said on Wednesday.
The Swiss bank will move its debt and equity capital
markets, and corporate advisory businesses to London, the main
venue of major recent Russian share offerings by Sberbank
and MegaFon, in which the bank was involved.
Russia CEO Steven Hellman will stay in on Moscow to oversee
Credit Suisse's trading in fixed income and equities. Only a
"handful" of roles will be affected as some bankers relocate to
London, the source added.
In a statement issued to Reuters Credit Suisse said: "We
continue to be proactive about monitoring the size of our
business relative to client opportunities and market conditions.
"This involves realigning resources to growth areas and
adjusting capacity to meet client needs and to manage costs
across the business. Credit Suisse remains committed to its
clients in Russia."