Out of about 60 people in Credit Suisse's India wealth management unit, 12 are reportedly leaving the firm.

Credit Suisse is cutting around 20 per cent of its staff in the India wealth management unit as part of its global headcount reductions.

Out of about 60 people in Credit Suisse's India wealth management unit, 12 are reportedly leaving the firm, adding that Puneet Matta, head of the business unit, left the bank about a week ago.

"Credit Suisse remains fully committed to the Indian market. We continue to be proactive about monitoring the size of our business relative to efficiencies and market conditions. This involves realigning resources and adjusting capacity to meet clientneeds and to manage costs across the business," the bank told WealthBriefing in an emailed statement. 

In late July, the Zurich-headquartered bank reported a fall in pre-tax income of 4 per cent in the second quarter of 2011 from a year ago, standing at SFr843 million (around $1.05 billion). The Zurich-listed bank said it will cut 4 per cent of all jobs across all divisions, reportedly equating to about 2,000 positions. Meanwhile, Hans-Ulrich Meister was made chief executive of private banking, with existing CEO Walter Berchtold moving to the role of chairman.

Other Swiss banks such as EFG, Julius Baer and UBS have cited the surge in the value of the Swiss franc as a drag on earnings.