UBS will reportedly replace its China country head, marking yet another global bank with exiting senior executives in their mainland business.
David Chin is stepping down as UBS’ China country head, according to a «Bloomberg» report citing unnamed sources, and he will be succeeded by UBS Securities chairman Eugene Qian.
Chin was named to the role in January 2020 and will remain with UBS as the head of the APAC investment bank.
A spokesperson for the bank declined to comment on the move.
China Exits
The reshuffle at UBS marks yet another senior departure at a global bank in mainland China where the nation is facing a myriad of challenges including crippling property debt, regulatory tightening on tech, worsening U.S.-China relations and ongoing Covid-related restrictions.
Other global banks that also saw top China exits this month included J.P. Morgan’s China venture chief executive Houston Huang, Credit Suisse’s securities venture CEO Tim Tu and Goldman’s wealth venture head Gu Jiangang.
