Credit Suisse told staff its wealth assets are operationally separate from UBS for now, but once they merged, clients might want to consider moving some assets to another bank if concentration was a concern
“I don’t know if I get to stay, leave, or should I consider my options now?” said one Southeast Asia-based banker, who like other staff spoke to Reuters on condition of anonymity.
Credit Suisse employs 50,000 people globally across wealth management, investment banking and asset management operations, with more than 150 offices in 50 countries. The bank told staff its wealth assets are operationally separate from UBS for now, but once they merged, clients might want to consider moving some assets to another bank if concentration was a concern, according to an internal memo.
As a giant wall backdrop as high as the ceiling with “Credit Suisse AIC” emblazed on it glowed in a hotel lobby, the bank said its chairman and CEO would not turn up at the event. Some of the bank’s employees brushed aside questions from Reuters journalists waiting outside the office lobby. UBS and Credit Suisse sources said Southeast Asia was among the regions where the banks had the most overlap on the wealth management and investment banking teams.
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