UBS is reportedly planning to keep hundreds of Credit Suisse private bankers in Asia as global wealth chief Iqbal Khan bets on the region to generate returns.
UBS plans to retain a few hundred Credit Suisse private bankers in the Asia Pacific region, according to a «Bloomberg» report citing unnamed sources. The number of private bankers from the two Swiss wealth managers in Asia is expected to total 1,200.
The decision is being driven by global wealth management president Iqbal Khan, who is betting on the region to continue being a key source of profits.
Market Overlaps
While there are certain markets where UBS and Credit Suisse have relatively less competition, there are others where overlaps can be found. These include Hong Kong, Singapore and Japan, which may lead to some job losses later if the overlaps are excessive, the report added.
UBS completed its takeover of Credit Suisse on Monday and internally announced changes to the leadership team of the enlarged wealth management business.
