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.
, 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.
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. 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.Spokespeople for Credit Suisse and UBS declined to comment.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 said on Sunday it would pay 3 billion Swiss francs 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. Reporting by Xie Yu in Hong Kong and Scott Murdoch in Sydney; Editing by Sumeet Chatterjee, Christian Schmollinger and Gerry Doyle
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