Credit Suisse Securities (China), 51%-owned by Credit Suisse, is expected to start the cuts, accounting for about 20% of its local workforce, as early as Monday, according to the sources.
Credit Suisse, Credit Suisse Securities and UBS declined to comment.
The move is aimed at further tightening spending at the joint venture as Credit Suisse "seeks to stem losses", said one of the sources.
The joint venture booked a net loss of 254.5 million yuan ($35.27 million) in 2022, its annual report showed.
Out of the 200-strong team at the local unit, 58 were in investment banking and 36 in wealth management related businesses as of end-2022.
Persons:
Securities, Summer Zhen, Engen Tham, Selena Li, Kane Wu, Kim Coghill
Organizations:
Credit Suisse, UBS, Credit Suisse Securities, Staff, Citi, Reuters, Thomson
Locations:
HONG KONG, China, Swiss