trending Market Intelligence /marketintelligence/en/news-insights/trending/3XRrQPfq71-UpeKFYJyEEA2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us
In This List

Report: UBS to cut jobs in Asian investment banking biz

Banking Essentials Newsletter - November Edition

University Essentials | COVID-19 Economic Outlook in Banking: Rates and Long-Term Expectations: Q&A with the Experts

Estimating Credit Losses Under COVID-19 and the Post-Crisis Recovery

StreetTalk – Episode 70: Banks' Liquidity Conundrum Could Fuel M&A Activity

Report: UBS to cut jobs in Asian investment banking biz

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.