Credit Suisse Group AG has appointed five directors and six vice-presidents across its equities, fixed income and investment banking business in India, the company said in a statement on Wednesday.

The announcement comes days after sources told Reuters the Swiss bank was cutting its India wealth management unit by 20 per cent as part of global staff reduction plans in tough market conditions.

The new hires include Graham Lappin, formerly of Royal Bank of Scotland, who joins as a director in equity sales, and Neil Bharadwaj, who joins as a director and chief operating officer and senior control officer for Credit Suisse's Mumbai bank branch. He was previously with Bank of America.

Kiran Chakravarthy joins as a director in fixed income sales, the bank said. He was previously with BNP Paribas, while Ankur Choudhary joins as a director in the bank's global markets solutions group. She was previously with JPMorgan.

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