(Bloomberg) -- Credit Suisse Group AG dismissed its team of Mexico-based equity analysts as the troubled lender’s restructuring deals another blow to the country’s shrinking stock market. 

Nine persons, including three lead analysts, were let go on Friday, according to people familiar with the decision, who asked for anonymity because they weren’t authorized to speak publicly. Credit Suisse had 38 employees at its Mexican brokerage and investment bank at the end of last year, and 19 at the end of September, according to regulator data and Mexico’s brokers association AMIB.

A Credit Suisse spokesperson declined to comment.

Credit Suisse has been cutting 2,700 posts during the fourth quarter, or 5% of its staff, as it shores up finances after client defections, asset outflows and billions in losses over the past two years. 

Mexico’s stock market has been in a slow decline for years. A five-year drought for a major initial public offering has been deepened by a wave of delistings. Last year, UBS Group AG closed its Mexican brokerage. 

Credit Suisse’s brokerage lost money in each of the last three years, the second worst performance among Mexican brokerages behind Grupo Bursatil Mexicano, according to regulator CNBV data. Some of the staff reduction seen this year was due to the transfer of its local wealth portfolio, along with staff, to Mexican brokerage Corporacion Actinver SAB.

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