UBS to retain more than 100 Credit Suisse bankers in Asia
Business
Switzerland's biggest bank's retention target of more than 100 bankers did not include China
(Reuters) - UBS Group AG (UBSG.S) is looking to retain more than 100 Credit Suisse Group AG (CSGN.S) investment bankers across Asia, as the Swiss banking giant plans to shore up talent in markets where its rival has a stronger presence, Bloomberg News reported on Sunday.
The bank is in advanced discussions to keep dozens of Credit Suisse's senior dealmakers in countries including South Korea, Thailand, Vietnam, and India following a planned takeover, the report said, citing people familiar with the matter.
Bloomberg said that Switzerland's biggest bank's retention target of more than 100 bankers did not include China. It has held talks with a few bankers in China, but the final number being kept will depend on discussions with regulators, the report added.
UBS did not immediately respond to a request for comment on the report, while Credit Suisse declined to comment.
Reuters last month reported that hundreds of Credit Suisse employees are resigning each week in a sign of uncertainty gripping the lender while it is being taken over by its larger rival.
UBS Chief Executive Sergio Ermotti on Friday warned of painful decisions about job cuts following the takeover, which he said he hoped would be formalised in the coming days.
