Credit Suisse and StanChart cut Asia derivatives staff

Credit Suisse has taken the axe to a dozen members of the derivatives team in its Asia-Pacific arm, while Standard Chartered has got rid of a similar number of employees as part of move by chief executive Bill Winters to reduce global headcount by 10%.

The Swiss bank revamped its global structure in 2015 to create a dedicated Asia unit that combined its private and investment banks and integrated its fixed-income and equities functions within global markets. While the past year has been tougher