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UBS set to double headcount in China

The UBS AG company logo sits at the bank’s headquarters in Zurich, Switzerland, on Monday, May 3, 2010. UBS AG, Switzerland’s biggest bank, reported the highest quarterly profit in almost three years after a rebound at the securities unit. Photographer: Peter Frommenwiler/Bloomberg

Despite China’s current market turmoil, UBS plans to double headcount in China by adding roughly 600 staff to the bank’s current operations onshore over the next five years, including its wealth management unit, said UBS group CEO Sergio Ermotti. In a televised report, he added that UBS’ staff increase will also impact its investment banking and asset management divisions in…

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