UBS's Wealth Boss Offers Staff Retention Assurances – Report
One of the ironies of the UBS-Credit Suisse takeover is that a shortage of talent in fast-growing Asia has been a regular cause for complaint.
UBS wealth head Iqbal Khan has told Credit Suisse staff in Asia that he’s working on retention measures including compensation, Bloomberg reported (citing unnamed sources), as the Swiss bank tries to stop its best talent hitting the exits.
Such stories chime with what WealthBriefingAsia and sister publications are hearing about how the drama of Credit Suisse’s demise, which has left hundreds of bankers worried about their future roles. (See some related thoughts from this publication here.) By a strange irony, Khan’s arrival at UBS about five years ago was controversial after it transpired that Credit Suisse, his former employer, had spied on him in Zurich.
The Bloomberg story said that Khan, alongside Francesco De Ferrari, Credit Suisse’s wealth management chief, made the comments at a town hall in Hong Kong to Asia-Pacific staff on Friday, last week. (Note: The picture of Khan is from a different UBS event.)
Retention plans are likely to be aimed at top performers. When asked about compensation, Khan indicated that it is being worked on. Without being more specific, more details could come as soon as next week, a source said.
One of the ironies of the UBS-Credit Suisse takeover is that a shortage of talent in fast-growing Asia has been a regular cause for complaint. Now, there is a potentially different situation with a rush of staff wondering about their futures, particularly given the duplication of roles.
The newswire’s story said that representatives at UBS and Credit Suisse declined to comment.