UBS had about 850 private bankers in the region at year-end, while Credit Suisse had 580, according to data from Asian Private Banker. Credit Suisse ranks have already fallen significantly from departures this year amid the turmoil, meaning the vast majority of those left will escape initial cuts.
UBS Group AG plans to retain a few hundred Credit Suisse private bankers in the Asia Pacific region, bringing its total to more than 1,200 in one of the few areas spared from deep cuts, according to people familiar with the matter.
The move is being driven by global wealth chief Iqbal Khan, who is betting Asia will continue to generate lucrative clients, said the people, who asked not to be identified discussing personnel matters. The integration will give UBS more relationship managers in the region than its closest rivals DBS Group Holdings Ltd. (SGX:D05
) and HSBC Holdings Plc combined.
