HONG KONG, Sept 21 Reuters UBS has cut around 70 of the Hong Kongbased staff headcount at Credit Suisse39;s securities research unit, two sources with direct knowledge of the matter said, as the two Swiss banking giants move ahead with integration of operations.

UBS39; takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged in March this year by Swiss authorities to avert Credit Suisse39;s collapse.

As part of the integration process, UBS decided to absorb Credit Suisse39;s Securities Research service this month, wrapping the business into its own research operations, Reuters reported on Sept. 5.

More than 15 equity researchers were notified earlier this week about the layoffs in Hong Kong, the sources said, adding less than 10 researchers focusing on Hong Kong and China equities will join the UBS team.

UBS declined to comment. Credit Suisse did not respond to a Reuters request for comments.

As a result of the staff layoffs, Credit Suisse on Monday terminated the Asia Pacific equities strategy coverage, according to a client note sent by the bank and reviewed by Reuters.

Two former Credit Suisse managing directors, Charles Zhou who headed China financials and Kenneth Fong who headed China Internet and Asia gaming research, are among those joining UBS, the two sources and another person with knowledge of the matter said.

Both of them will bring some junior researchers from Credit Suisse, the sources added….