UBS Group AG is laying off employees at its asset management unit with at least 100 jobs in areas such as distribution have already been cut over recent months, Bloomberg News reported, citing people with knowledge of the matter.
Roughly 30 of the job cuts took place in the U.S., mostly in New York, two of the people said. The asset management unit had 2,361 employees at the end of March, according to the report.
The staff reductions come as UBS focuses on growth in China and passive and sustainable investing, Bloomberg News noted.
