Swiss giants Credit Suisse and UBS were the latest to reportedly relocate top executives to China. The move is an attempt to capitalize on the opportunities from the opening mainland market.
Credit Suisse recently moved three directors – Vivian Feng, Richard Kot and Felix Meng – and four junior bankers to the mainland, according to «Bloomberg» (behind paywall), citing unnamed sources. UBS is also reportedly in the midst of relocating several managing directors though no final decision has been made.
The two Swiss majors join a chorus of global banks rapidly expanding in mainland China and relocating top executives. Foreign wealth managers in Hong Kong are riveted by the tense U.S.-China stand-off, a slumping economy, and the new national security law, as finews.com reported in October.
Raft Of Moves
Credit Suisse would like to gain full control over its domestic securities joint venture as soon as possible and look into other licenses in order to expand its onshore private banking interests. The Zurich-based bank said last year that it would seek to double its mainland headcount over the next five years.
UBS said last year that it had met its target set in 2016 ahead of schedule to double headcount in its mainland unit to 1,200. Meanwhile, HSBC is looking to shift top managers from London, and J.P. Morgan reportedly moved veteran banker Houston Huang to Shanghai for its mainland securities joint venture.
Goldman Sachs also aims to add 70 employees in China this year with an eye on expanding headcount to 600 by 2024 from its current 400.
