The retention plans are expected to target top performers
UBS Group AG’s wealth boss Iqbal Khan has announced that he is focusing on retention measures, including compensation, in order to prevent high staff turnover at Credit Suisse Group AG. This was revealed during a recent town hall meeting in Hong Kong involving several UBS executives, according to a Bloomberg report. The retention plans are expected to target top performers. Khan’s comments demonstrate UBS’s concern that its rivals will try to poach valuable personnel and clients from Credit Suisse amidst the bank’s takeover by UBS later this year.
Bloomberg reported that at least 12 private bankers at the managing director-level and above have left Credit Suisse in Singapore and Hong Kong since September, with some handling at least $1 billion in client assets. In addition to compensation measures, Khan is reportedly speaking with private bankers at UBS offices in Dubai, Singapore, and Doha to retain top talent.
During the town hall meeting, UBS executives also discussed the abundance of opportunities in Asia and the potential for the combined entity to be a powerhouse. Meanwhile, in an effort to boost retention, Singapore-based Paradise Group has rewarded over 300 of its employees with luxurious gifts to show appreciation for their loyalty to the restaurant operator.