UBS to retain more than 100 Credit Suisse bankers in Asia -Bloomberg News (updated)

Credit Suisse AG

05/06/2023 03:02

(Adds Credit Suisse's response in paragraph 4)
       June 4 (Reuters) - UBS Group AG  UBSG.S  is looking to
retain more than 100 Credit Suisse Group AG  CSGN.S  investment
bankers across Asia, as the Swiss banking giant plans to shore
up talent in markets where its rival has a stronger presence,
Bloomberg News reported on Sunday. 
    The bank is in advanced discussions to keep dozens of Credit
Suisse's senior dealmakers in countries including South Korea,
Thailand, Vietnam, and India following a planned takeover, the
report said, citing people familiar with the matter.  
    Bloomberg said that Switzerland's biggest bank's retention
target of more than 100 bankers did not include China. It has
held talks with a few bankers in China, but the final number
being kept will depend on discussions with regulators, the
report added.
    UBS did not immediately respond to a request for comment on
the report, while Credit Suisse declined to comment.
    Reuters last month reported that hundreds of Credit Suisse
employees are resigning each week in a sign of uncertainty
gripping the lender while it is being taken over by its larger
rival.
    UBS Chief Executive Sergio Ermotti on Friday warned of
painful decisions about job cuts following the takeover, which
he said he hoped would be formalised in the coming days.

 (Reporting by Mrinmay Dey in Bengaluru; Editing by Jamie Freed)
 ((Mrinmay.Dey@thomsonreuters.com;))