UBS will start the layoffs of Credit Suisse Asia’s investment banking in July 2023, following the closing takeover of the bank last week.
There will be a significant reduction in Credit Suisse investment bankers covering Australia and China, where the two banks overlap most, as reported by «Reuters» citing unnamed sources. Most of CS Asia’s consumer and retail as well as general industrial group coverage teams will be cut. Meanwhile, the technology, media and telecom team's investment bankers will be retained. The dealmakers covering non-China financial institutions are also likely to be retained.
UBS has not announced clearly the total job cuts amount, however, the bank informed their staff about the looming cuts a few days ago. However, it is expected that UBS looks to retain more than 100 CS bankers in Asia, but to keep the senior dealmakers in South Korea, Thailand, Vietnam and India.
