This publication understands that only about 12 employees are expected to leave and therefore a figure as high as 30, as the FT story said was possible, is incorect; it also understands that UBS is in the process of hiring new staff and investing in the Mexico business. UBS declined to comment on the matter.

The report said the Mexico hires are part of an emerging markets expansion strategy by the Zurich-listed lender. It said that Iqbal Khan, the division’s head, has set Mexico as one of his target markets, as well as Russia, the Middle East and Brazil.

WealthBriefing understands that such a move shows how Mexico is an important market for Credit Suisse and its rivals.

When contacted, Credit Suisse declined to comment.