Credit Suisse has told its hedge fund and other institutional clients that it is shutting down its cash equity dales business as part of a global overhaul of the bank's operations by new owner UBS Group, according to a report by Bloomberg.

The report cites unnamed sources with knowledge of the matter as confirming that as a result, a number of Tokyo-based staff will be leaving the business.

Credit Suisse's investment bank division has already ceased stock underwriting in Japan.

According to a local filings, Credit Suisse's Japanese securities unit had 421 employees as of March this year. Ince acquiring its rival in an emergency rescue deal, UBS has seen its headcount increase to 120,000 with the bank planing to cut that number by around 30%, according to previous Bloomberg reports, with two-thirds of its Asia-Pacific investment bankers likely to be axed.