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UBS offers retention packages to Credit Suisse Asia team: Report

ubs-offers-retention-packages-to-credit-suisse-asia-team:-report

UBS promised retention packages to wealth-management staff in Asia at Credit Suisse, two people with knowledge of the matter said, as the bank tries to stem a talent exodus after the takeover of its former Swiss rival.

Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland.(REUTERS) Logos of Swiss banks UBS and Credit Suisse are seen in Zurich, Switzerland.(REUTERS) In a town hall address in Hong Kong on Friday, Iqbal Khan, UBS’s president for global wealth management, also focussed on stabilising the Credit Suisse Asia team and boosting confidence, one of the two sources said.

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In his address, Khan said the top performers at the Credit Suisse wealth business will get retention packages, the second source said. The details of the retention package were not immediately known.

The sources declined to be named as they were not authorised to speak to the media.

Spokespeople for Credit Suisse and UBS declined to comment.

Bloomberg first reported the development on Friday.

Khan, a former top Credit Suisse banker, held the town hall along with Francesco de Ferrari, Credit Suisse’s CEO for wealth management, said the first source and a third person with knowledge of the matter.

UBS told Credit Suisse wealth bankers in Zurich this week that it is weighing financial sweeteners for them to stay as it seeks to reassure key staff following the takeover, Reuters reported on Monday.

UBS said on Sunday it would pay 3 billion Swiss francs ($3.23 billion) for 167-year-old Credit Suisse and assume at least $5.4 billion in losses in a deal backed by a massive Swiss government guarantee and expected to close by the end of 2023.

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