Credit Suisse Group (NYSE:CS) stops underwriting certain types of bonds in Japan because of the low number of deals it handled and limited profits it generated, Bloomberg reports, citing a person familiar with the matter.
Specifically, it's ceased underwriting Japan Housing Finance Agency's residential mortgage-backed securities and has told syndicates for Japanese regional government bond sales that it's ending those operations.
Also, it's stopping underwriting notes guaranteed by the Japanese government, the person said.
The operations had minimal staffing in recent years and have worked with the aid of the investment banking group.
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