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UBS Cuts Half a Dozen Bankers in Hong Kong as Deals Slump

  • China offshore debt sales slump as economic growth slows
  • Global banks face headwinds in dealmaking on market turmoil
Updated on

UBS Group AG is letting go of half a dozen mainland China-focused employees in Hong Kong as turmoil in the world’s second-largest economy hammers dealmaking, prompting global banks to rein in their presence in the once lucrative market.

The Swiss bank has trimmed bankers in businesses including debt capital markets, investment banking and real estate, the people said, asking not to be named discussing private information. A UBS spokesman declined to comment.