“China is not on its own with those challenges,” Ermotti said in a interview with Bloomberg Television in Shanghai on Monday. “Those are also the good times to plan for the future, and that’s the reason why we are starting to implement our strategic plan.”
Bloomberg News reports that the staff increases will be across wealth management, investment banking, equities, fixed income and asset management, Ermotti said. Back-office operations will also figure.
UBS will start its biggest push in China against a backdrop of convulsions in the nation’s equity and currency markets and as some competitors pare back Asian operations. Barclays and Standard Chartered are scaling back, while Deutsche Bank co-Chief Executive Officer John Cryan said last month that the region has “huge” competition for limited fees.
To access the complete Bloomberg News article hit the link below: