Swiss majors Credit Suisse and UBS were the latest to reportedly relocate top executives to China to capitalize on the opportunities from the opening mainland market.
Credit Suisse recently moved three directors – Vivian Feng, Richard Kot and Felix Meng – and four junior bankers to the mainland, according to a «Bloomberg» report citing unnamed sources.
This follows the bank’s announced ambitions to gain full control over its domestic securities joint venture as soon as possible and the exploration of other license applications that could help expand its onshore private banking interests.
The bank also said in 2020 that it would seek to double its mainland headcount over the next five years.
UBS: In Process
UBS is also reportedly in the midst of relocating several managing directors though no final decision has been made.
The bank said last year that it had met its target set in 2016 ahead of schedule to double headcount in its mainland unit to 1,200.
Global Mainland Expansion
The two Swiss majors join a chorus of global banks that are rapidly expanding in mainland China and relocating top executives.
HSBC is looking to shift top managers from London while J.P. Morgan reportedly moved veteran banker Houston Huang to Shanghai earlier this month after being named chief executive and head of investment banking for its mainland securities joint venture.
Goldman Sachs also aims to add 70 employees in China this year with an eye on expanding headcount to 600 by 2024 from its current 400.
