Approximately 20 bankers will be exempt from the job cuts that will affect the Credit Suisse investment banking division in the region, according to Reuters.

The majority of the investment bankers employed by Credit Suisse in Asia are based in Hong Kong.

In June, UBS completed the purchase of its battling rival with the support of the Swiss government after a string of failed transactions caused a client exodus.

Since then, it has promised to lower risk in Credit Suisse’s investment banking business.

Market participants assume that UBS will disclose additional information about its integration plans this month.

Its aims, as well as signals from insiders and experts, lead to reductions totalling around one-third of the merged group’s global workforce.

China, Singapore, Vietnam, Australia, South Korea, Thailand, and India are additional regional markets where Credit Suisse has investment bankers in addition to Hong Kong.

While some sector coverage teams will be entirely cut as part of the integration, the majority of Credit Suisse investment banking teams in Hong Kong will have the option to retain just one or two employees.

Additionally, UBS has chosen to close Houston’s Credit Suisse office.

The decision raises concerns about whether the Swiss bank will continue to play a significant role in energy dealmaking at a time when other companies are bolstering their positions in the oil and gas financing sector.

Credit Suisse bankers have directed many high-profile transactions, including taking Parsely Energy public and then assisting the oil driller on its $7.6bn acquisition by Pioneer Natural Resources, managed by Scott Sheffield.

Diamondback Energy, an oil driller with headquarters in Midland, Texas, and one of the largest Fortune 500 companies, was also introduced to the market by Credit Suisse.

The Swiss bank was quite active during the shale revolution in the 2010s when many explorers, who were chasing production at any costs, had to refinance via equity offerings to stay afloat.

The bank raised new equity by billions.