UBS Group AG aims to retain more than 100 investment bankers from Credit Suisse Group AG in Asia, as the Swiss banking giant plans to strengthen talent in markets where its rival has a stronger presence, Bloomberg News reported on Sunday. The bank is currently in advanced talks to retain dozens of senior dealmakers from Credit Suisse in countries such as South Korea, Thailand, Vietnam, and India following a planned acquisition, according to the report, citing people familiar with the matter. Bloomberg mentioned that the goal of Switzerland’s largest bank to retain over 100 bankers did not include China. The bank has held discussions with a few bankers in China, but the final number to be retained will depend on conversations with regulators, the report added. UBS and Credit Suisse did not immediately respond to requests for comment via email. Reuters reported last month that hundreds of Credit Suisse employees are resigning each week as a sign of the uncertainty gripping the lender as it is being taken over by its larger rival. UBS Chief Executive Sergio Ermotti warned on Friday of painful decisions regarding job cuts following the acquisition, expressing hope that these decisions would be formalized in the coming days.
