UBS Bank Slashes Credit Suisse Equity Research Staff in Hong Kong by Nearly 70%
In a surprising development, UBS Bank (UBS), one of Switzerland’s major financial institutions, has dramatically reduced its securities research workforce at Credit Suisse in Hong Kong. According to sources close to the matter, this move resulted in a nearly 70% reduction in staff.
This significant downsizing comes in the wake of a major acquisition deal. On March 20th, UBS agreed to acquire Credit Suisse for CHF 3 billion. The acquisition was jointly orchestrated by the Central Bank of Switzerland, the Swiss government, and the Swiss Financial Market Supervisory Authority.
In recent months, UBS has been actively streamlining its operations, particularly focusing on roles with overlapping responsibilities. Further workforce reductions are anticipated to continue through November. UBS has opted to integrate Credit Suisse’s equity research services into its existing research division.
Reports suggest that over 15 stock researchers in Hong Kong received notifications of their impending layoffs earlier this week. Subsequently, UBS has welcomed fewer than 10 former Credit Suisse researchers into its fold. This group of researchers primarily concentrates on stock research related to Hong Kong and China.