UBS promises Credit Suisse wealth management retention packages

HONG UBS promised retention packages to wealth management staff at Credit Suisse in Asia, two people with knowledge of the matter said, as the bank tried to stem a talent exodus after the takeover of its former Swiss rival.

One of the two sources said that Iqbal Khan, UBS' president for global wealth management, also focused on stabilising the Credit Suisse Asia team and boosting confidence in a town hall address in Hong Kong on Friday.

The second source said that Khan said that the top performers at the Credit Suisse wealth business will get retention packages. Sources were not authorized to speak to the media, so they were not authorised to speak to the media.

Spokespeople for Credit Suisse and UBS didn't want to say anything.

The development was first reported on Friday by Bloomberg.

The first source and a third person with knowledge of the matter said that Khan, a former Credit Suisse banker, held the town hall along with Francesco de Ferrari, Credit Suisse's CEO for wealth management.

UBS told Credit Suisse wealth bankers in Zurich this week it is weighing financial sweeteners for them to stay as it seeks to reassure key staff after the takeover, Reuters reported on Monday.

UBS said on Sunday it will pay 3 billion Swiss francs $3.23 billion for 167 year old Credit Suisse and assume $5.4 billion in losses in a deal backed by a Swiss government guarantee, and is expected to close by the end of 2023.