JPMorgan cuts Asian investment banking jobs: UBS share price surges

JPMorgan has initiated another round of layoffs in Asia, cutting at least seven investment-banking positions across the consumer, energy, and healthcare sectors. The New York-based bank is reducing staff primarily at the vice president and associate levels. Meanwhile, UBS reported a substantial USD1.8bn first-quarter profit, reaffirming its commitment to share buybacks and dispelling fears over Swiss capital requirement increases. UBS shares surged, marking potentially their largest single-day gain since March 2023.