Credit Suisse disbands China onshore wealth unit

Credit Suisse has dismissed its entire wealth management team in China, scrapping its ambition to become one of the biggest foreign money managers in the country as UBS decided not to take on the staff, people familiar with the matter said.

Those let go included at least 20 relationship managers and investment consultants as well as Wang Jing, the chief executive officer of Credit Suisse’s securities venture, the people said, asking not to be identified because the matter isn’t public. Some support roles were also affected, they said, without being specific on numbers. The division at one point had about 40 staff, one of the people said. …