UBS-Credit Suisse union exposes tensions

Growth strategy: UBS logo at the company’s headquarters in Zurich. UBS plans to retain most of Credit Suisse’s relationship managers in the region, while cutting more than half of its smaller rival’s 45,000-strong workforce worldwide. — Reuters

CREDIT Suisse Group AG’s crown jewel is its wealth management business in Asia, judging by the tremendous personnel effort its acquirer is making.

UBS Group AG plans to retain most of Credit Suisse’s relationship managers in the region, while cutting more than half of its smaller rival’s 45,000-strong workforce worldwide.