UBS cutting wealth management jobs in Asia
Reuters
Published Sep 11, 2023 14:41
ZURICH (Reuters) - UBS is cutting around 100 jobs at is wealth management business in Asia shortly after completing its takeover of Swiss rival Credit Suisse (SIX:CSGN).
The bank is eliminating the roles in Hong Kong and Singapore, responding to a downturn in client activity as economies in the region slow.
No final figure has been determined, although the move will affect fewer than 100 roles, said a person familiar with the matter.
The majority will be within teams UBS acquired following its takeover of Credit Suisse earlier this year, the person added.
UBS declined to comment.
UBS is facing subdued client activity in Asia-Pacific, where Hong Kong and Singapore have long been banking centres for China's ultra-wealthy.
The cuts, first reported by Bloomberg, follow a slowdown in China's economy, which grew just 0.8% in the second quarter.
A broad array of data last month also highlighted intensifying pressure on the economy, with retail sales, industrial output and investment all growing at a slower than expected pace.
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Written By: Reuters
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