UBS allays fears of Credit Suisse Asia wealth staff
Retention packages offered to stem a talent exodus after the takeover of its former Swiss rival
24 March 2023 - 09:30
byXie Yu and Scott Murdoch
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UBS flagship office in New York, the US. Picture: BLOOMBERG/ANGUS MORDANT
Hong Kong — UBS promised retention packages to wealth-management staff in Asia at Credit Suisse, two people with knowledge of the matter said, as the bank tries to stem a talent exodus after the takeover of its former Swiss rival.
In a town hall address in Hong Kong on Friday, Iqbal Khan, UBS president for global wealth management, also focused on stabilising the Credit Suisse Asia team and boosting confidence, one of the two sources said.
In his address, Khan said the top performers at the Credit Suisse wealth business will get retention packages, the second source said. The details of the retention package were not immediately known.
The sources declined to be named as they were not authorised to speak to the media.
Spokespeople for Credit Suisse and UBS declined to comment.
Khan, a former top Credit Suisse banker, held the town hall along with Francesco de Ferrari, Credit Suisse's CEO for wealth management, said the first source and a third person with knowledge of the matter.
UBS told Credit Suisse wealth bankers in Zurich this week that it is weighing financial sweeteners for them to stay as it seeks to reassure key staff following the takeover, Reuters reported on Monday.
UBS said on Sunday it would pay Sf3bn for 167-year-old Credit Suisse and assume at least $5.4bn in losses in a deal backed by a massive Swiss government guarantee and expected to close by the end of 2023.
Support our award-winning journalism. The Premium package (digital only) is R30 for the first month and thereafter you pay R129 p/m now ad-free for all subscribers.
UBS allays fears of Credit Suisse Asia wealth staff
Retention packages offered to stem a talent exodus after the takeover of its former Swiss rival
Hong Kong — UBS promised retention packages to wealth-management staff in Asia at Credit Suisse, two people with knowledge of the matter said, as the bank tries to stem a talent exodus after the takeover of its former Swiss rival.
In a town hall address in Hong Kong on Friday, Iqbal Khan, UBS president for global wealth management, also focused on stabilising the Credit Suisse Asia team and boosting confidence, one of the two sources said.
In his address, Khan said the top performers at the Credit Suisse wealth business will get retention packages, the second source said. The details of the retention package were not immediately known.
The sources declined to be named as they were not authorised to speak to the media.
Spokespeople for Credit Suisse and UBS declined to comment.
Khan, a former top Credit Suisse banker, held the town hall along with Francesco de Ferrari, Credit Suisse's CEO for wealth management, said the first source and a third person with knowledge of the matter.
UBS told Credit Suisse wealth bankers in Zurich this week that it is weighing financial sweeteners for them to stay as it seeks to reassure key staff following the takeover, Reuters reported on Monday.
UBS said on Sunday it would pay Sf3bn for 167-year-old Credit Suisse and assume at least $5.4bn in losses in a deal backed by a massive Swiss government guarantee and expected to close by the end of 2023.
Reuters
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