UBS cuts nearly 70% Credit Suisse researchers in Hong Kong, sources say

Share

Share

HONG KONG, Sept 21 (Reuters) – UBS (UBSG.S) has cut around 70% of the Hong Kong-based staff headcount at Credit Suisse’s securities research unit, two sources with direct knowledge of the matter said, as the two Swiss banking giants move ahead with integration of operations.

UBS’ takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged in March this year by Swiss authorities to avert Credit Suisse’s collapse.

As part of the integration process, UBS decided to absorb Credit Suisse’s Securities Research service this month, wrapping the business into its own research operations, Reuters reported on Sept. 5.

More than 15 equity researchers were notified earlier this week about the layoffs in Hong Kong, the sources said, adding less than 10 researchers focusing on Hong Kong and China equities will join the UBS team.

UBS declined to comment. Credit Suisse did not respond to a Reuters request for comments.

As a result of the staff layoffs, Credit Suisse on Monday terminated the Asia Pacific equities strategy coverage, according to a client note sent by the bank and reviewed by Reuters.

Two former Credit Suisse managing directors, Charles Zhou who headed China financials and Kenneth Fong who headed China Internet and Asia gaming research, are among those joining UBS, the two sources and another person with knowledge of the matter said.

Both of them will bring some junior researchers from Credit Suisse, the sources added.

Zhou and Fong did not immediately respond to a request for comment.

UBS’ takeover of Credit Suisse marks the first-ever merger of two global systematically important banks after the latter suffered years of scandals and losses before its rescue in March.

UBS Chief Executive Sergio Ermotti said on Tuesday that the momentum was pretty positive at the Swiss bank, which manages $5.5 trillion in assets since merging with former rival Credit Suisse earlier this year.

Share

Latest

Related Content

Edmund Shing, PhD

Global Chief Investment Officer
BNP Paribas Wealth Management

Edmund has over 29 years of experience in financial markets in a wide variety of positions, ranging from proprietary trading to portfolio manager in a number of financial institutions in London and Paris.  He previously held the role of Global Head of Equity and Derivative Strategy at BNP Paribas in London from 2015 to 2020, and has been Chief Investment Officer at BNP Paribas Wealth Management since November 2020.

Edmund is responsible for piloting our investment strategy and will continues to rollout out recommendations and themes with actionable advice that brings our expertise to our clients and support to our client-facing teams.  In this time of change, his expertise in following and anticipating markets is a true value added for both our customers and those at Wealth Management who serve them.

Edmund has a PhD in Cognitive and Computing Science from the University of Birmingham in the United Kingdom, and has done advanced studies in Knowledge-Based Systems and in Experimental Psychology.  He is an EFFAS-certified financial analyst. He has also authored the book “The Idle Investor” published by Harriman House in 2015, proposing 3 simple investment strategies that take only a few minutes to execute per month.

Media Kit

    Data Protection

    The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

    The Digital Banker Summit

    Moving on from FTX: is 2023 the year of CBDCs?

    Indonesia, Jakarta

    Thailand, Bangkok

    Philippines, Manila

    Contact Us

      Data Protection

      The information you provide will be held on our database and may be used to keep you informed of our and our associate companies’ products and for selected third party mailings. Please tick the box if you would prefer not to be contacted for these purposes:

      Request Nomination Pack

      Error: Contact form not found.

      The world’s preeminent Private Banks and Wealth Managers are demonstrating a committed drive in innovation, advisory, new products and services to meet the sophisticated needs of their clients.

      COVID-19
      Amid economic activity revival on the back of the Covid-19 vaccine program, organisations moving from business continuity plans to stable working environments, together with the slightest improvement in unemployment numbers, forced the world to adjust to new realities. Coming to terms with the “new normal”, global investors are now on the look-out for attractive and stable investment opportunities.

      Needs of Private Wealth customers and families worldwide have drastically changed due to the pandemic and banks have had to accelerate efforts to deploy a multi-channel service strategy and safeguard clients’ businesses and wealth against negative impacts of economic uncertainly.

      The Global Private Banking Innovation Awards will recognise the world’s best private banks, wealth managers and asset managers that are championing innovation across advisory, service, products, customer experience and more.

      Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam, quis nostrud exercitation ullamco laboris nisi ut aliquip ex ea commodo consequat. Duis aute irure dolor in reprehenderit in voluptate velit esse cillum dolore eu fugiat nulla pariatur. 

      Request Nomination Pack

      Error: Contact form not found.