UBS to retain more than 100 Credit Suisse bankers in Asia -source

By Mrinmay Dey and Scott Murdoch

(Reuters) -UBS Group AG is looking to retain more than 100 Credit Suisse Group AG investment bankers across Asia as part of a plan to shore up talent in markets where its rival has a stronger presence, a source with direct knowledge of the matter said.

Switzerland’s biggest bank is in advanced discussions to keep dozens of Credit Suisse’s senior dealmakers in countries including South Korea, Thailand, Vietnam and India following its planned takeover, the source told Reuters on Monday, requesting anonymity because the matter is confidential.

The development was reported earlier by Bloomberg News.

Bloomberg said that UBS’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 and Credit Suisse declined to comment on the report. Credit Suisse also declined to say how many investment bankers it currently employs in Asia.

Reuters last month reported that hundreds of Credit Suisse employees are resigning each week in a sign of the 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.