UBS Group is cutting nearly two dozen jobs in its Asian investment banking business, mainly in Hong Kong and Singapore, as part of a push to slash costs, people with direct knowledge of the matter said, as Reuters reported.
UBS in Hong Kong declined to comment to the newswire. The cuts are likely to hit mid-level staff hardest, but will also include several bankers at the rank of Managing Director.
Reuters reported last month that Standard Chartered is set to cut about a tenth of its global corporate and institutional banking headcount across all the major business centres starting with Singapore and Hong Kong, as the bank steps up an aggressive drive to cut costs.
In October, UBS, which is Asia's largest private bank in terms of assets under management, maintained its gloomy outlook amid negative interest rates in Switzerland and economic uncertainty which has kept many investors on the sidelines.
This year, following companies will attend: Evolution Mining / Perseus Mining / Panoramic Resources
Are you considering doing an MBA or Executive MBA ? Then don't miss this opportunity and attend the
Private Equity in Zug: Der langfristige Horizont von Private Equity Investoren
The Lead Quantitative & Asset Management Event in Europe
Festival für Trends und die Zukunftsperspektiven im Marketing
Updates and news from MarketPlus
|SMI PR||8532.61||0,31 %|
|LYXOR DAX INAV||113.276||0,63 %|
|FTSE MIB Index||19089.73||0,44 %|
|FTSE 100||7305.37||0,07 %|
|CAC 40||4895.32||0,57 %|
|S&P 500||2351.16||0,17 %|
|NASDAQ Composite||5838.58||0,41 %|
|HANG SENG INDEX||24146.08||0,47 %|
|Powered by Yahoo Finance|