In the coming months, UBS will look to downsize Credit Suisse’s investment banking unit globally. Within Asia, the top regional leaders have reportedly been unveiled.
UBS appoints Kuan-Ern Tan as co-head of Asia coverage, alongside John Lee, according to a report citing an internal memo. Tan will also partner with Nicolo Magni, head of global banking Southeast Asia & India, to build the business in Southeast and South Asia.
Tan was the former co-head of investment banking for Asia Pacific at Credit Suisse while Lee is the existing head of Greater China at UBS.
Kyungin David Lee joins from Credit Suisse as head of global banking for Korea and vice chair for Asia. In the latter role, he will support cross-border activities between North Asia and Southeast Asia.
24-year Credit Suisse vet Christian Deiss has also been named co-head of the global industrials group for Asia, alongside Eileen Chan.
The note also includes appointments for sector and product coverage in the region including Allan Chu as APAC co-head of technology, media, and telecom division with UBS’s Axel Granger and Tim McKessar.
Aaron Tan will lead Southeast Asia’s energy transition and global industries group. Tan was the former head of APAC energy and transition at Credit Suisse. Credit Suisse’s ex-director of energy and transition Fabrice Delacroix will head renewables at UBS.
Aaron Oh, former co-head of Credit Suisse’s Asia financing group, will head structured origination within capital markets. The equity-linked team will report to Oh. Jennifer Choi joins as co-head of equity-linked Asia, alongside UBS’s Brian Chau.
Credit Suisse’s former APAC co-head of equity capital markets (ECM) Cheun-Hon Ho has been appointed a vice chair of ECM Asia.
Following the UBS takeover of Credit Suisse in June, the enlarged Swiss giant has been focusing on integration, and the latter lender’s investment banking arm has been highlighted for risk reduction worldwide.
In Asia, there are plans to reportedly cut two-thirds of headcount – around 200 jobs – and keep 100 investment bankers in the region. Those retained will mainly be focused on markets outside of Hong Kong, where about 80 percent of staff will be laid off with cuts reportedly commencing this week.