UBS Group AG reorganized its Asia global banking division and appointed certain top Credit Suisse Group veterans to help strengthen coverage and industry expertise throughout the region. John Lee, the current head of Greater China, and Kuan-Ern Tan, the previous co-president of investment banking for Asia-Pacific at Credit Suisse, have been named co-heads of Asia coverage. The email stated that Tan will work with Nicolo Magni to establish a "leading franchise" in South and Southeast Asia.
In order to facilitate cross-border activities between North Asia and Southeast Asia, Kyungin David Lee has been appointed head of global banking for Korea and vice chair for Asia. According to the memo, Christian Deiss, a Credit Suisse veteran of more than 24 years, and Eileen Chan will share leadership of the global industrials business for Asia.
In order to bolster talent in the products and markets where its Swiss rival has a bigger presence, UBS is trying to retain more than 100 Credit Suisse bankers in various Asian and Southeast Asian nations. According to people aware, the bank is also considering laying off 200 Credit Suisse bankers in Asia over the next months.
Swiss-born and-bred UBS Group AG is a global investment bank and provider of financial services. It has a presence in all significant financial hubs as the largest private bank in the world and the largest banking institution in Switzerland, with co-headquarters in the cities of Zürich and Basel.