UBS Starts Job Cuts at Asia Wealth Unit After Profit Slump
- Swiss bank to cut about 70 people mainly in HK, Singapore
- UBS’ CEO Ermotti warned last month of a difficult year
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UBS Group AG started cutting jobs at its Asia private banking division this week as a slump in profits weighs on the region’s largest wealth manager, according to people familiar with the matter.
The firm is cutting about 70 people, including relationship managers, mainly in Hong Kong and Singapore through the end of March, one of the people said, asking not to be identified discussing a private matter. A spokeswoman for the bank declined to comment.