UBS has reportedly cut 70 per cent of Credit Suisse researchers based in Hong Kong.

Sources cited by Reuters said that the cuts by the Swiss investment bank, which assumed control of its rival Credit Suisse after it collapsed earlier this year, will affect roles within Credit Suisse's securities research unit in Hong Kong.

UBS has significantly reduced its staff numbers since completing the takeover of Credit Suisse in June.

Reports also recently emerged that UBS would be cutting around 100 wealth management roles across Asia.

Further reports recently revealed that UBS would be cutting 30 per cent of London-based former Credit Suisse employees.

In August, UBS announced it would cut up to 3,000 jobs in the coming years as part of its intent to drive down costs by more than $10 billion following the takeover.

Years of poor management at Credit Suisse combined with worsening consumer sentiment led to its share price plummeting by 20 per cent and the bank close to the brink of collapse. Switzerland’s central bank brokered a “rescue deal” for UBS to acquire Credit Suisse in a deal worth around $3 billion which commenced in March and completed on 12 June.

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