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Embattled Credit Suisse had been preparing for years to set up a wholly owned local bank in China. Credit Suisse and UBS declined to comment. The clock is ticking for UBS to close the deal with Credit Suisse. The China Securities Regulatory Commission did not immediately respond to a Reuters request for comment. UBS currently runs a 67%-owned securities joint venture with a Beijing state-owned company.

Persons: Sergio Ermotti, Summer Zhen, Selena Li, Engen Tham, Sumeet Chatterjee, Muralikumar Organizations: Credit Suisse, UBS, Swiss, Credit, National Financial Regulatory Administration, Suisse's, China Securities Regulatory Commission, Thomson Locations: HONG KONG, SHANGHAI, China, Swiss, Beijing, Hong Kong, Shanghai

Credit Suisse employs 50,000 people globally across wealth management, investment banking and asset management operations, with more than 150 offices in 50 countries. Outside its office near Singapore's central business district, nearby coffee shops, usually bustling with bankers from Credit Suisse and rivals, were less crowded early on Monday. UBS warned on Sunday that it would pare back much of Credit Suisse's investment bank, which Credit Suisse had planned to spin off. UBS and Credit Suisse sources said Southeast Asia was among the regions where the banks had the most overlap on the wealth management and investment banking teams. "Investment banking stands out and that could be where the pain is felt most for Credit Suisse," a senior executive at UBS said.

SINGAPORE/HONG KONG, March 20 (Reuters) - Credit Suisse staff arriving to work in Hong Kong and Singapore on Monday morning fretted about retrenchments and retaining business after larger Swiss rival UBS agreed to swallow the 167-year-old bank in a state-backed rescue. Credit Suisse employs 50,000 people globally across wealth management, investment banking and asset management operations, with more than 150 offices in 50 countries. Outside its office near Singapore's central business district, nearby coffee shops, usually bustling with bankers from Credit Suisse and rivals, were less crowded early on Monday. In Hong Kong, Credit Suisse said it would still press ahead with its annual investment conference that kicks off on Tuesday, although media are no longer invited. UBS warned on Sunday that it would pare back much of Credit Suisse's investment bank, which Credit Suisse had planned to spin off.

HONG KONG, Nov 22 (Reuters) - Credit Suisse (CSGN.S) has laid off about one-third of its China-based investment banking team and nearly half of its research department, sources with knowledge of the matter told Reuters, as part of a global restructuring and as its China business slows. Credit Suisse declined to make specific comments on the layoffs in China when contacted by Reuters. Two sources said that more than 20 China-based investment bankers have been notified about the job cuts at Credit Suisse Securities (China), the bank's 51%-owned joint venture. Credit Suisse's China annual report shows it had 68 people in its investment banking department at the end of last year. At Credit Suisse's China venture, about 10 research staff have been let go, the sources said.

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