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 a planned takeover, the source told Reuters on Monday, requesting anonymity because the matter is confidential.Bloomberg said that UBS's retention target of more than 100 bankers did not include China.
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.
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