Today marks the first anniversary since the 2023 UBS takeover of Credit Suisse. finews.asia looks at the top beneficiaries in the region of private banking talent outflow from the now-defunct Swiss lender.
On 19 March 2023, UBS officially announced the takeover of Credit Suisse (CS), which was marred by continuous scandals. Months later, a decision was reportedly made that the enlarged Swiss lender would axe around 30 percent of jobs globally, or 35,000.
In Asia, deep cuts were expected to be spared, especially in the private banking unit where UBS is betting on strong continued wealth generation in the region. It planned to retain a few hundred CS private bankers to reach a total of 1,200, up from 847 as of end-2022, according to public financial reports.
Trimming Headcount
At the end of 2023, UBS’s Asia wealth unit housed a total of 1,101 private bankers. It is reportedly seeking to cut 70 jobs in the business, including CS bankers, amid a slowdown in client activity and economic growth in China.
One year after the takeover, finews.asia takes a look at which private banks in the region were the top beneficiaries of talent outflow from CS.
Julius Baer: Switzerland’s New #2
As Switzerland’s second largest private bank (and Asia’s sixth largest by assets under management, according to finews.asia data), it is no surprise that Julius Baer is a major acquirer of CS talent. Ex-CEO Philipp Rickehbacher previously said that «constructive discussions» were underway with CS bankers seeking to exit, including in Asia.
In 2023, Julius Baer said that its base of relationship managers had seen «meaningful growth», including the hires of individuals and entire teams in Singapore. Notable additions in the city-state include Malcolm Tay and Mun Joo Ng. It also added ex-CS bankers in Switzerland covering APAC clients, including Fernando Kresna Baay, Abraham Ara and Jacqlyn Mak.
EFG: Opportunistic Boutique
EFG is another Swiss rival that has not been shy about benefiting from the outflow. In an interview with finews.asia, EFG International chair Alexander Classen said that it had managed to hire «a large number of Credit Suisse employees» in Hong Kong.
Within the Hong Kong office, the Zurich-based pure play welcomed ex-CS executives including Elvis Lau and Flora Law in March 2023, Philip Cheung, Anne Cheng and Jonathan Luk in August, Christina Wong, Jane Li and Ian Campbell as well as Melissa Lau, Sarah Tan, Karson Chu, Elsie Wang and Loretta Chim in December. It also added the Indonesian banker Lydia Lucky in Singapore.
Bank of Singapore: Local Move
OCBC’s private banking arm is a relatively unique mover. Aside from being a non-Swiss player, Bank of Singapore has also focused on not just hiring in the front office but also operational talent including Greater China and Southeast Asia chief operating officers Ronnie Cheung and Jacky Ang, respectively. In addition, it hired former CS Hong Kong CEO Rickie Chan as its Greater China head of private banking.
According to OCBC CEO Helen Wong, Bank of Singapore added around 20 relationship managers for China and Southeast Asia in the first half of last year. In July 2023, the Singaporean private bank also announced the target of growing its assets under management to $145 billion by end-2025, up from $120 billion at end-2022 and hiring around 100 more relationship managers during this period.
