Shortly after acquiring Swiss rival Credit Suisse, UBS is set to eliminate around 100 positions from its wealth management sector in Asia. The job cuts will predominantly occur in banking hubs Hong Kong and Singapore, in response to decreased client activity amid regional economic slowdowns. Most affected roles will be within teams absorbed from the Credit Suisse takeover. UBS’s decision comes in the wake of China’s slowed economic growth, which saw a mere 0.8% increase in Q2. Recent data also showed unexpected declines in retail sales, industrial output, and investment, indicating further strain on the economy. UBS declined to provide a comment on the matter. The news was initially reported by Bloomberg.
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