UBS eyes growth in headcount in China
Print Edition
UBS Group AG is planning to double its headcount in China over the next five years as it cements its confidence in the world’s second-largest economy despite recent financial market turmoil.
The Swiss bank’s global Chief Executive Sergio Ermotti said yesterday that four key shifts that will underpin China’s growth in the future are a restructuring toward a service economy, strong growth in consumption, especially discretionary consumer services, investment being channeled away from industries with overcapacity and increasing outward investment.
“China has not really started yet,” Ermotti told global fund managers at a UBS China Conference in Shanghai, referring to the country’s huge potential in outbound investment as only US$90 billion have been tapped via the Qualified Domestic Institutional Investor program, amid domestic savings of US$9 trillion.
UBS plans to increase headcount to bring its total staff number in China to about 1,200 by the end of 2020 as it seeks to expand its business across the board. UBS will open a new branch to deal with wealth-management business in Shanghai later this quarter, it said.
Fang Dongming, head of China equities at UBS, said the bank also seeks to double earnings from equity business in the next five years by moving from commission fees to margin trading, short selling, derivatives and cross-border financing and investment.
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