UBS to add 600 staff to China for financial services

Swiss bank UBS will double its China staff in the next five years, adding around 600 people in areas including wealth management, investment banking, equities, fixed income and asset management, Bloomberg reported, citing Chief Executive Officer Sergio Ermotti. UBS earned US$81 million in fees underwriting domestic Chinese bonds and equities and advising on mergers and acquisitions in 2015, up 42% from the previous year, according to research firm Freeman & Co, which estimated the bank was also the top non-Chinese bank for domestic investment banking on the mainland for the first time since 2012. UBS is also currently waiting for regulatory approval on a banking license in Shanghai.