Reported by: banking|Updated: January 11, 2016
UBS Group plans to double its staff in China over the next five years, adding about 600 people. The bank sees substantial prospects in the country. CEO Sergio Ermotti said the staff increases will be in businesses such as wealth management, investment banking, equities, fixed income and asset management. 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. Banks such as Barclays and Standard Chartered are scaling back, while Deutsche Bank has said the region has ‘huge’ competition for limited fees. UBS earned $81 million in fees underwriting domestic Chinese bonds and equities and advising on mergers and acquisitions in 2015, up 42% from 2014.