UBS Group AG has reduced approximately 7% of its banking division in Asia due to slowing economic growth in China. This marks the unit’s first redundancy wave this year. The cuts affected around two dozen investment bankers, primarily in China-focused roles stationed in Hong Kong, with several at the managing director level. Although these reductions were initially scheduled for September, they were delayed due to the Credit Suisse merger. The exact number of job cuts is yet to be finalised. This move is in response to a decreasing rate of dealmaking in the world’s second-largest economy, causing global banks to reassess their footprint in the previously profitable market. In 2022, UBS had already trimmed several positions in Hong Kong that focused on mainland China.