UBS SIZE UP CHINESE SECURITIES JOINT VENTURE – As Beijing opens its financial market, global banks are rushing to take advantage according to UBS’s Chief Executive Sergio P. Ermotti, with the business currently in talks to buy a majority stake in a Chinese securities joint venture. Simultaneously with the joint venture, UBS also plan to double headcount over the next 5 years with the CEO suggesting the business could have as many as 1,200 staff based in China by the end of the year. Expansion plans cover divisions such as wealth management, investment banking, equities, fixed income and asset management. Ermotti goes on to say, “we are in line with our plans to grow our business, regardless of the stake, but of course, if we can have a more rounded financial participation in our business here, we do welcome that.” #SpartanInternational