UBS promised retention packages to wealth-management staff in Asia at Credit Suisse, as the bank tries to stem a talent exodus after the takeover of its former Swiss rival
, two people with knowledge of the matter said, as the Swiss bank tries to stem a talent exodus after the takeover of its former rival.
In a town hall address at Credit Suisse's Hong Kong office on Friday, Iqbal Khan, UBS's president for global wealth management, also focused on stabilising the Credit Suisse Asia team and boosting confidence, one of the people said.Credit Suisse had been steadily losing wealth management market share to UBS and to more well-capitalised U.S.
In his address, Khan said the top performers at the Credit Suisse wealth business in Asia would get retention packages, the second person said, adding the details of the arrangements were not yet disclosed to staff. The main message during the Friday town hall was to encourage the senior managers of Credit Suisse's wealth business that the prospects would be bright after the firms merged, a third person said.
Khan said it would take time, but the merged entity would emerge as an even stronger player in the wealth management business and Credit Suisse staff had no need to be worried, the person added.Khan, a former top Credit Suisse banker, held the town hall along with Francesco de Ferrari, Credit Suisse's CEO for wealth management, two of the people said.
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