UBS Is Cutting 40 Banking Jobs in Asia
- Cuts will be split between markets, investment-banking units
- UBS is combining trading units as part of global cost overhaul
Photographer: Chris Ratcliffe/Bloomberg
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UBS Group AG is cutting about 40 jobs in the Asia-Pacific region as part of a global push to trim costs and combine its trading units, according to a person familiar with the matter.
The staff reductions are roughly split between UBS’s markets and investment-banking teams, with a majority at the level of vice president or below, the person said, asking not to be identified because the details aren’t public. The Asian divisions -- led by Hong Kong-based Taichi Takahashi and David Chin -- will see smaller cuts than those planned in Europe because UBS sees the region as a driver for growth, the person said.