© Reuters. FILE PHOTO: The emblem of Swiss financial institution UBS is seen at its headquarters in Zurich, Switzerland October 25, 2022. REUTERS/Arnd Wiegmann/File Photograph
By Mrinmay Dey and Scott Murdoch
(Reuters) -UBS Group AG is seeking to retain greater than 100 Credit score Suisse Group AG funding bankers throughout Asia as a part of a plan to shore up expertise in markets the place its rival has a stronger presence, a supply with direct information of the matter stated.
Switzerland’s greatest financial institution is in superior discussions to maintain dozens of Credit score Suisse’s senior dealmakers in international locations together with South Korea, Thailand, Vietnam and India following its deliberate takeover, the supply informed Reuters on Monday, requesting anonymity as a result of the matter is confidential.
The event was reported earlier by Bloomberg Information.
Bloomberg stated that UBS’s retention goal of greater than 100 bankers didn’t embody China. It has held talks with just a few bankers in China, however the remaining quantity being saved will depend upon discussions with regulators, the report added.
UBS and Credit score Suisse declined to touch upon the report. Credit score Suisse additionally declined to say what number of funding bankers it presently employs in Asia.
Reuters final month reported that a whole bunch of Credit score Suisse staff are resigning every week in an indication of the uncertainty gripping the lender whereas it’s being taken over by its bigger rival.
UBS Chief Govt Sergio Ermotti on Friday warned of painful choices about job cuts following the takeover, which he stated he hoped could be formalised within the coming days.