Credit Suisse has decided to disband its entire wealth management team in China, abandoning its aspiration to become one of the country's largest foreign money managers after UBS Group AG declined to absorb the staff, according to a Bloomberg report. The layoffs included at least 20 relationship managers, investment consultants, and Wang Jing, the CEO of Credit Suisse's securities venture in China. The move comes as Credit Suisse seeks to find a buyer for its securities business in China, following the closure of the wealth unit. UBS, which has not yet merged Credit Suisse's entities in China, is required to sell the securities venture due to regulatory restrictions. UBS CEO Sergio Ermotti reiterated the firm's commitment to China during a September visit to Beijing, despite evolving geopolitical circumstances.
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