Credit Suisse has been No. 2 in cash equities for years, but its takeover by UBS has competitors sensing blood in the water.
The takeover of Credit Suisse by UBS, which would combine the No. 1 and No. 2 cash equities desks in Australia, has created a surplus of top sales and trading talent within the proposed Swiss megabank, inviting rivals to pick off staff in a grab for market share.
But its takeover by UBS – the market leader in cash equities – has prompted staff to depart for rival banks because there is little need for their services once UBS absorbs the business, said people familiar with the moves, who were not authorised to speak publicly.that its global markets team – where equities sales sits – will “maintain its current scale,” giving Credit Suisse staff little hope of a position in the rolled-up firm, the sources said.
In cash equities, UBS garnered an almost 19 per cent market share last year and topped the list in 2021 with 16.3 per cent, Iress data showed. That figure is closer to 20 per cent so far this year.The second-placed Credit Suisse has won more than 10 per cent in market share in the previous two years, but has dropped to fourth this year as staff leave and its clients – sensing the writing is on the wall – take their business elsewhere.
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