Credit Suisse has promoted 183 people to managing director, a reduction of just 12% on the prior year despite the ongoing cutbacks at the bank.

The Swiss bank has unveiled the names of its new promotes in a statement, keeping numbers high in spite of its plans to cut 2,700 jobs before the end of the year amid an ongoing restructure. Of the newly-promoted, 42 were in Europe, the Middle East and Africa, excluding Switzerland where it promoted 59. In the Americas, 50 made the cut and 32 were in Asia-Pacific.