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HONG KONG: UBS has cut around 70 per cent of the Hong Kong-based staff headcount at Credit Suisse’s securities research unit, two sources with direct knowledge of the matter said, as the two Swiss banking giants move ahead with integration of operations.
UBS’ takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged in March this year by Swiss authorities to avert Credit Suisse’s collapse.
As part of the integration process, UBS decided to absorb Credit Suisse’s Securities Research service this month, wrapping the business into its own research operations, Reuters reported on Sep 5.
More than 15 equity researchers were notified earlier this week about the layoffs in Hong Kong, the sources said, adding less than 10 researchers focusing on Hong Kong and China equities will join the UBS team.
UBS declined to comment. Credit Suisse did not respond to a Reuters request for comments.
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