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 mer
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.
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. As a result of the staff layoffs, Credit Suisse on Monday terminated the Asia Pacific equities strategy coverage, according to a client note sent by the bank and reviewed by Reuters.
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