For the giants of Swiss banking, it was a tale of two very different events in Hong Kong this week.
UBS Group AG hosted rich clients at its lounge at Art Basel in the sprawling Hong Kong Convention and Exhibition Centre, where a usually drab hall was transformed with festive booths serving Ruinart champagne and Macallan Highland whisky.
Nearby, Credit Suisse Group AG’s annual investor event at the Conrad hotel was more somber as bankers pondered their next career moves and clients offered condolences.
Photo: AFP
Several attendees who spoke on the condition of anonymity likened the Credit Suisse event to a funeral, complete with white flowers — a symbol of death in Asia — on display in the lobby.
The simultaneous gatherings in the territory this week offered a snapshot of the diverging paths for the former rivals that were hastily brought together last weekend as Swiss regulators sought to stop the bleeding at Credit Suisse by cajoling UBS to take it over.
The combination is likely to be completed by the end of this year, and bankers and clients at Credit Suisse’s aptly named “Embracing Reality” conference sensed that the end is near for the 166-year-old firm.
Staff cuts could reach into the tens of thousands as UBS looks to reduce costs, particularly at the investment-banking unit of its cross-town rival.
One managing director who worked at Credit Suisse for decades said the past week has been emotional and challenging as he stepped out of the five-star Conrad Hong Kong during a lunch break.
He was not sure about his plans.
There were several notable absences at the Credit Suisse event.
Credit Suisse chairman Axel Lehmann and chief executive officer Ulrich Koerner were missing from the three-day conference, a marquee event on the Hong Kong calendar for more than 25 years.
“It has truly been our privilege to serve you — and I want to stress that we are fully focused on ensuring a smooth transition and seamless experience for all our valued clients,” said Benjamin Cavalli, Credit Suisse’s CEO for Hong Kong and head of wealth management Asia-Pacific, at the opening speech on Wednesday.
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