Bloomberg News reports that Kathryn Shih, who became regional president this month, acknowledged that the volatility that’s been sparked by China’s slowing growth and its weakening currency will persist.
Even so, UBS will keep adding employees on the mainland as it expands in the three core areas of wealth management, investment banking and asset management, she said without giving numbers.
'Volatility will stay with us this year, it’s going to be a challenging year for us', Shih said in a January 5 interview in Singapore, two days before slumping stocks on the mainland triggered circuit breakers for a second time this week. Still, 'UBS is putting a real stake in China because we really believe that this is where in the next 20-30 years the growth is going to come from'.
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