UBS moves 20 off China, IB teams

The Swiss bank shuffles staff in Hong Kong in a reorganisation that may indicate a reduced focus on China. There is no indication yet of a link to a regulator's investigation.

UBS is reorganising its Hong Kong-based corporate finance group CFG essentially its investment banking unit and moving some junior bankers from its China-focused country team, according to an internal memo distributed today and seen by FinanceAsia.

Around 20 bankers from the two teams are affected by the reorganisation. They will move to sector teams such as the financial institutions group FIG, all industries group AIG, and the consumers products and retail group.

The moves come as Hong Kong's securities regulator, the Securities and Futures Commission SFC, investigates the bank's role as a sponsor of one or more IPOs in the city....

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