April 6, 2016 / 2:22 PM / 2 years ago

UPDATE 1-Credit Suisse to cut jobs at Brazil fixed-income unit-Bbg

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April 6 (Reuters) - Credit Suisse Group AG is laying off nine executives in its fixed-income business in Brazil amid an industry slump, Bloomberg reported, citing people with knowledge of the matter.

Sergio Machado, a managing director and head of the business, will leave the Zurich-based bank soon, Bloomberg reported on Wednesday. (bloom.bg/207bHCN)

Credit Suisse declined to comment.

In Brazil, the bank has also had to defend itself against what appears to be the nation’s harshest recession ever, a condition that Brazilian unit’s head José Olympio Pereira called “the worst” he’s seen in 30 years of his career.

In January Reuters reported that Marcelo Kayath was leaving Credit Suisse after almost two decades in senior positions at its investment banking and securities divisions in Brazil. (Reporting by Vidya L Nathan in Bengaluru; Editing by Anil D’Silva and Shounak Dasgupta)

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