MOSCOW, Dec 5 (Reuters) - 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.”