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UBS has a dilemma in the Spanish market, which it exited following the sale of the business to Singular Bank. The deal came with a non-compete clause, with three options available to the bank: liquidate the business, sell it or pay the compensation to Singular Bank to work around the legal hurdle. If the bank decides to close the business, it could lead to many redundancies, including up to 50 bankers based in Madrid, Barcelona and Valencia. Edmond de Rothschild, Julius Baer, Mirabaud, Pictet, Lombard Odier and J Safra Sarasin are among the banking peers that operate in the Spanish market.

Country: spain

Credit Suisse private bankers have been on the move in Italy last week, with a team led by Luca Sicari, head of the ultra-high-net-worth segment in the country, joining Mediobanca. The head of Credit Suisse’s private banking in Italy is Gabriele D’Agosta. According to data from April, the firm had 35 private banking employees and 26 advisers. The bank covers northern and central Italy from offices in Milan and Rome. The investment threshold is €1,000,000 and the total assets managed is €25.5bn. To see the interactive regional map of Credit Suisse and UBS bankers put together by Citywire Italy, click here.

Country: italy

Credit Suisse bankers: 32 UBS bankers: 50

Credit Suisse bankers: 50

UBS and Credit Suisse both have sizable UK offices, covering not only wealth management but also investment banking and asset management. UBS has 168 specialists who match the job description of a relationship manager or investment consultant, compared with 86 of a similar profile at Credit Suisse. Five years ago, UBS’s head of UK wealth Eva Lindholm said she planned to take the business from 4% to 6% of the UK wealth market, a goal likely to speed up following the acquisition. Swiss peer Julius Baer is waiting in the wings, having made a significant investment into the UK wealth market in 2018 under CEO Boris Collardi, in London and around the country. The London-based duo of Patrick Wilson and Ryan Perry made their way from Credit Suisse to Julius Baer in December and more could be tempted to follow suit.

Country: uk

Credit Suisse bankers: 86 UBS bankers: 168

UBS and Credit Suisse has always positioned themselves as global banks first, rather than Swiss players. However, both firms have a significant presence in their home market. According to publicly available data, Credit Suisse has many more bankers than UBS, with 1,670 relationship managers. Lombard Odier has recently hired Serge Fehr, who used to head Swiss wealth market at Credit Suisse before leaving in September last year. Some bankers may be tempted to join him at the new firm. In a recent interview with the Financial Times, Julius Baer CEO Philipp Rickenbacher said the firm had hiring opportunities in Switzerland, wider Europe, Asia and Latin America. The bank had made senior hires from Credit Suisse before its acquisition, with Claude Lüthi and Josef Zellweger joining in January. The pure-play wealth managers with no investment banking activities, such as Pictet, UBP and Julius Baer will look to attract the most promising wealth management talent.

Country: switzerland

Credit Suisse bankers: 1,670 UBS bankers: 676

Credit Suisse’s wealth capabilities in Asia are a high priority for UBS, with the bank confirming its focus on the region in the weeks since the announcement of the acquisition. This is also currently the smallest share of its assets pie in the wealth space at $437bn. According to its fourth-quarter results, UBS’s Asia Pacific wealth arm has shrunk the second-most after Europe, the Middle East and Africa, finishing 2022 with 19% less in assets from the previous year. In recent months, several senior wealth management personnel have left Credit Suisse, including Jin Yee Young, who is now the Asia Pacific CEO for Deutsche Bank. Deutsche Bank’s CEO for international private banking Claudio de Sanctis knows capabilities of Credit Suisse well, having worked at the Swiss bank as head of Southeast Asia and head of private banking, Europe until moving across in 2018. Deutsche Bank and Citi aside, headhunters told Citywire Asia that boutique banks such as LGT, Pictet, UBP and Bank of Singapore were likely to eye Credit Suisse and UBS talent. Standard Chartered is another firm that has several UBS veterans that might be tempting relationship managers to jump ship, including global private banking head Raymond Ang.

Country: singapore

UBS bankers (Asia Pacific): 847

Asia Pacific is a particular area of focus for UBS, including Hong Kong. The potential departures in the city is something the local regulator Hong Kong Monetary Authority is monitoring closely. The latest moves included former Credit Suisse bankers in Hong Kong, who left the firm end of last year before the acquisition. This included team head Steven Lau, as well as Jeff Tsang, Lai Fai Yeung and Wilson Yung joined Citi Private Bank last week.

location: hong kong

UBS bankers (Asia Pacific): 847

A big advantage for UBS following the Credit Suisse acquisition in the EMEA region is getting more exposure in the Middle East, which the bank sees as one of its key growth areas. According to Bloomberg, the bank sent its wealth management CEO Iqbal Khan to the offices of the firm from Dubai to Doha to secure Credit Suisse private bankers. Competition: The likely competition will probably come down to Swiss peers, such as Julius Baer, Lombard Odier and Pictet, who have been continuously hiring in the region. Julius Baer has been granted a licence by Qatar financial regulator to open its third advisory office in the Middle East last year. Another global bank that strengthened its presence in the region last year was HSBC, which extended its global private banking business to the UAE.

Region: Middle East

The biggest wealth management presence for UBS is Americas, where the firm has $1.5tn in assets. The region attracted the most money for the bank between 2021 and 2020, adding $274bn. Credit Suisse has a much smaller private banking presence in the region with $81bn in assets, however one of its strengths is its wealth management presence in Latin America. Brazilian business is at the heart of it, with head of Brazil Marcello Chilov promoted to lead the wealth unit for the region at the start of last year. Santander Private Banking is one of the main contenders in the region, with the firm hiring several Credit Suisse bankers at the end of last year. Its head of private banking in Brazil, Vitor Ohtsuki, said last week that the business had grown by double digits last year and was planning more hires for the ultra-high-net-worth segment. Another global bank to watch in the Americas is Julius Baer, with regional head Beatriz Sanchez also sitting on the executive board. The firm has been on a hiring spree, adding 10 private banking hires across the region in recent months in addition to nine just in Brazil. J Safra Sarasin is also likely to come up in the headlines, given its Brazilian-Swiss heritage. Although the bank hasn’t made private banking hires recently, it did secure Credit Suisse’s head of Latin American equities, Mauro Oliveira as head of its institutional brokerage firm.

Region: Latin America

Competition: