UBS to Cut Hundreds of Wealth Jobs in Asia as Activity Slows
- Bank to eliminate overlapping roles in Hong Kong, Singapore
- Swiss lender is grappling with muted activity in region
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UBS Group AG is cutting Asia wealth-management jobs in the low hundreds, just months after completing its takeover of rival Credit Suisse as the bank responds to muted client activity and China’s slowing economy.
Switzerland’s largest bank reduced some overlapping roles in the past months and further cuts are expected through November, according to people with knowledge of the matter, who asked not to be identified as the plans are private. At least 100 positions could go, one of the people said.