UBS Sees More Senior Private Banker Departures in Hong Kong

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(Bloomberg) — UBS Group AG has seen at least three senior ex-Credit Suisse private bankers in Hong Kong resign, adding to departures as the Swiss bank continues to integrate its rival.

Managing directors Alex Law, Victor Chao, and Shin-Yi Jeng have left the firm, according to people familiar with the matter who asked not to be named discussing internal information. The exits add to other recent senior departures, including Credit Suisse wealth veteran Rickie Chan, who is poised to join the Bank of Singapore.

Spokeswomen from Credit Suisse and UBS declined to comment. The three bankers couldn’t be reached for comment.

UBS’s takeover of Credit Suisse, one of the biggest mergers in global finance, has led to a wave of staff exits as Switzerland’s biggest bank looks to streamline operations. Rival firms from Citigroup Inc. to BNP Paribas SA have also snapped up talent from the Swiss bank.

In a recent internal memo, UBS said that its current Greater China Hong Kong market teams at Credit Suisse will be integrated into the existing global wealth management North Asia business sectors. It also said that more details on the structure will be announced in “due course.”

The Zurich-based bank posted a net loss of $785 million for the three months to September, its first quarterly shortfall in almost six years, as costs to absorb Credit Suisse came in at $2 billion. At the same time the bank reported stronger-than-expected client inflows in its wealth-management business, boosted by the first signs of stabilization at Credit Suisse.

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