After acquiring Credit Suisse in UBS Group and integrated into a bank group, UBS reported that the China Wealth Management Team who did not accept Creditses would dissolve, and the team will disband.Ten employees will be cut.
Bloomberg Society quoted people familiar with the matter on Thursday (December 14) and reported the above news.
A person familiar with the matter revealed that after the dissolution of the Chinese wealth management team, Creditses included at least 20 customer relationship managers and investment consultants, as well as Wang Jing, the general manager of Creditses Securities (China), will be cut.The above team has about 40 employees, and some business support positions will also be affected, but the number of layoffs has not yet been determined.
A spokesman for UBS and CreditEss did not comment on this.
It is reported that UBS has a securities company in China. In the case of unable to hold two similar licenses at the same time, UBS needs to sell the securities business under the name of CreditEss.
One of the people familiar with the matter said that UBS believes that the strategy of selling wealth management products through bank outlets is inconsistent with its current model, so it has reduced the employees of the Credit Suisse wealth management department from October.
In March of this year, Creditses fell into a trusted storm and faced bankruptcy. Under the intervention of the Swiss government, UBS agreed to take over Credit.UBS completed the acquisition of Credit in June and became a global wealth management dominant bank.This is also the largest merger since the financial crisis in 2008.
