Global Banks Looking to Chinese Mainland Market Amid Sweeping Push for Financial Opening

by swisschambei in Bank / Finance / Insurance

Some global banks including Credit Suisse are purportedly relocating bankers from Hong Kong to the Chinese mainland, in an effort to sharpen their competitive edge in the world’s second-largest economy which is spinning along in a sweeping push for financial deregulation. Credit Suisse lately relocated three directors and four more junior staff to the mainland, Bloomberg reported, citing unidentified people familiar with the matter. Another Swiss bank UBS is “in the process of shifting several managing directors.” And, JPMorgan recently relocated Houston Huang, who oversaw deal making for the US bank from Hong Kong, to Shanghai after appointing Huang as the head of investment banking for its securities joint venture in the mainland, said the report. “UBS has no plans systematically to relocate employees from Hong Kong to the mainland. However, we seek to maximize flexibility and will continue to relocate small numbers of personnel both to and from the mainland in line with the needs of the business,” a UBS spokesperson told the Global Times.

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