UBS Sees Exits of Credit Suisse Wealth Veterans in Hong Kong

UBS Group AG has seen a round of exits within its wealth division in Hong Kong less than two months after it completed the merger with Credit Suisse Group AG, according to people familiar with the matter.

(Bloomberg) — UBS Group AG has seen a round of exits within its wealth division in Hong Kong less than two months after it completed the merger with Credit Suisse Group AG, according to people familiar with the matter.

In Hong Kong, at least six bankers on the Credit Suisse side have left, including Martin Loh, a market group head for China and Joe Lau, said the people who asked not to be named as the matter is confidential. Lau, a 16-year Credit Suisse veteran, was a team leader on the Greater China private banking team, according to his LinkedIn profile.

The Swiss firm last week announced the structure for the third most senior level of leaders below the executive board, naming market team heads across the region, the people said. After the structure was unveiled some roles are no longer needed, and others will take on smaller roles.

Spokeswomen for UBS and Credit Suisse declined to comment.

Earlier this month, Credit Suisse wealth staff were told to dust off their resumes ahead of the selection of new managers. They were told that leadership changes were expected by mid-July, and that would kick off a slew of appointments to lower ranking roles in global wealth management.

UBS has planned to retain a few hundred relationship managers from the smaller rival and keep the total headcount at more than 1,200 in Asia, one of the fastest-growing wealth market. Global wealth boss Iqbal Khan was earlier touring both Hong Kong and Singapore to boost morale and retain talent.

Loh in November took on an expanded role to oversee the Shanghai Branch as part of a consolidation of the Greater China Bank Branch and representative offices under one leadership. He has been with Credit Suisse since 2008 after seven years at UBS, according to his LinkedIn profile. He did not respond to a LinkedIn message and neither did Lau.

–With assistance from Chanyaporn Chanjaroen.

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