By Selena Li
HONG KONG (Reuters) -Round 80% of Hong Kong-based funding banking workers at Credit score Suisse will likely be laid off and the cuts will begin from this week, two folks with data of the matter mentioned, as a part of the financial institution’s integration with UBS Group.
Solely about 20 bankers will possible be spared the cuts that can influence Credit score Suisse’s 100-people sturdy funding banking workforce based mostly within the territory, the folks mentioned, declining to be recognized because the discussions on the matter have been non-public.
Hong Kong makes up Credit score Suisse’s largest share of funding bankers in Asia.
Credit score Suisse and UBS declined to remark.
The cuts come after UBS closed a Swiss government-backed deal to purchase Credit score Suisse in June. Because the deal was introduced, UBS has made clear it should cut back danger in Credit score Suisse’s funding banking operation.
As a part of that, UBS laid off workers from Credit score Suisse’s funding financial institution in New York final week, Reuters reported, citing a supply conversant in the state of affairs. UBS has additionally determined to shut Credit score Suisse’s workplace in Houston, the supply mentioned.
Market individuals anticipate UBS to supply extra specifics later this month on its plans for the combination. Its targets and indications from insiders and analysts recommend it is likely to be reducing a couple of third of the mixed group’s international workforce.
(Reporting by Selena Li; Extra reporting by Julie Zhu; Modifying by Sumeet Chatterjee and Christopher Cushing)