HONG KONG : UBS will start cutting Asia investment banking jobs at Credit Suisse next month, three people with knowledge of the matter said, as the banks move towards integrating businesses.
In the Asia Pacific region, there will be significant reduction in Credit Suisse investment bankers covering Australia and China, where the two banks overlap most, two of the sources said. Most of the Credit Suisse technology, media and telecoms team's investment bankers will be retained, the three sources said, with one adding that dealmakers covering non-China financial institutions are also likely to be retained.
Reuters this month reported that UBS was looking to retain more than 100 Credit Suisse investment bankers in Asia and was in advanced discussions to keep dozens of senior dealmakers in countries including South Korea, Thailand, Vietnam and India.
Source: News Formal (newsformal.com)
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