In the latest development of UBS’s historic integration, more than two-thirds of the headcount in Credit Suisse’s research unit in Hong Kong has reportedly been slashed.
UBS has decided to absorb Credit Suisse’s securities research unit this month, according to a «Reuters» report citing unnamed sources. Around 70 percent of the unit’s Hong Kong-based headcount has been slashed with more than 15 equity researchers notified earlier this week about the layoffs.
As a result, Credit Suisse has scrapped Asia Pacific equity strategy coverage, according to a separate client note.
Cutting Wealth Jobs
Less than ten researchers focusing on Hong Kong and China equities will join UBS, including managing directors Charles Zhou and Kenneth Fong who head China financials as well as China internet and Asia gaming research, respectively. Both will also bring over some junior researchers from Credit Suisse.
Following a government-brokered takeover in March, UBS's integration with Credit Suisse continues to make progress. Within Asia, it was most recently reportedly seeking to cut wealth jobs, including relationship managers in Hong Kong and Singapore.
