UBS Group AG is cutting about 40 jobs in its markets and investment-banking teams in Asia-Pacific as part of its efforts to reduce costs and merge its trading units, Bloomberg News reported Oct. 21, citing a person familiar with the matter.

A majority of the staff reductions will be at the vice president level or below, the person said. The staff reductions in Asia have already begun, with another round expected to commence later in October.

A spokesman for the company declined to comment on the matter, the report noted.

Meanwhile, Greg Peirce will become global head of mergers and acquisitions for UBS, the person said.