UBS Group AG is cutting as many as 20 jobs in its Asian investment banking business as it moves to reduce costs, Reuters reported Dec. 16, citing "people with direct knowledge of the matter."

The Swiss bank is cutting jobs mainly in Hong Kong and Singapore. The job cuts will involve mostly mid-level staff but may also include a few managing directors, the sources said.

UBS and other Western banks have struggled in Asia as the region's economies and markets have failed to deliver sustained growth. Western banks have also faced tough competition from local competitors.

UBS has about 550 investment bankers in Asia, a source said.

A spokesman for UBS declined to comment on the matter.