UBS To Cut Around 100 Positions in Asia's Wealth Management Business: Report

view original post

UBS Group AG UBS is reportedly planning to cut wealth-management jobs in Asia in the low hundreds.

The move reflects the bank’s strategy to address muted client activity and a slowing economy in China, Reported Bloomberg.

The company plans to reduce at least 100 positions and axe roles like relationship managers in Hong Kong and Singapore that have been integrated from Credit Suisse, the report noted citing a person familiar with the matter.

As per the report, UBS plans to keep the majority of private bankers in Australia and India for now.

Switzerland’s largest bank has reduced some overlapping roles in the past months and plans further headcount reduction through November. 

Last month, UBS recorded Q2 EPS of $8.99 against $0.61 a year ago and $0.32 in Q1 FY23, its first quarterly result since it completed its takeover of stricken rival Credit Suisse. The bank also announced that it targets gross cost savings of at least $10 billion by 2026 and said its merger with Credit Suisse and full absorption of its Swiss unit would cause 3,000 job cuts.

Price Action: UBS shares are trading higher by 1.02% at $25.76 on the last check Monday.