FILE PHOTO: Swiss bank UBS news conference in Zurich
UBS' takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged in March this year by Swiss authorities to avert Credit Suisse's collapse. More than 15 equity researchers were notified earlier this week about the layoffs in Hong Kong, the sources said, adding less than 10 researchers focusing on Hong Kong and China equities will join the UBS team.As a result of the staff layoffs, Credit Suisse on Monday terminated the Asia Pacific equities strategy coverage, according to a client note sent by the bank and reviewed by Reuters.
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