Ad hoc announcement pursuant to Article 53 of the SIX Exchange Regulation Listing Rules Credit Suisse AG to operate alongside UBS AG and its business divisions, functions and regions under UBS
(Bloomberg) UBS Group AG wealth boss Iqbal Khan told Credit Suisse Group AG staff in Asia that he’s working on retention measures including compensation, according to people familiar with the matter, as the bank seeks to prevent an exodus of top talent. Khan, alongside Francesco De Ferrari, Credit Suisse’s wealth management chief, made the comments at a town-hall in Hong Kong to Asia Pacific staff on Friday, said the people, asking not be identified as the event is private. They were joined by UBS senior Asia executives including Amy Lo, co-head of Asia-Pacific wealth, and Asia-Pacific President Edmund Koh, said the people. Retention plans are likely to be aimed at top performers, one of the people said. When asked about compensation, Khan indicated it’s being worked on and more details could come as soon as next week, without being more specific, one of the people said. Khan’s comments are the latest sign that UBS is concerned rivals will take advantage of the turmoil surrou
(Bloomberg) As the demise of Credit Suisse Group AG reverberated from Sydney to New York City on Monday, workers were given a clear message: get back to work. Promised bonuses and pay increases will still be paid after a tumultuous week that ended in the 166 year-old lender being taken over by its largest rival UBS Group AG, the bank said in a memo to staff that urged them to continue “business as usual.” UBS reminded employees not to divulge any business secrets to their new colleagues, as long as the emergency acquisition hammered out in crisis talks over the weekend hadn’t closed. “Credit Suisse is still our competitor,” Chief Executive Officer Ralph Hamers wrote in a memo to employees. While it wasn’t quite business as usual at Credit Suisse offices from Tokyo to New York, there were no bankers leaving buildings with personal belongings stuffed into cardboard boxes, one of the defining images of the 2008 financial crisis. Instead, executives sought to rally the troops