UBS Group cuts number of bankers in Hong Kong

The UBS Group has trimmed down the number of its bankers in Hong Kong, including those in debt capital markets, investment banking, and real estate. Investment banking revenue for UBS in China has reportedly plunged by about half. New issuance in debt and equity markets has slowed this year following sweeping policy changes in China and slowing economic growth. Among those let go at UBS were Alex Yang, executive director, and one other banker on its China investment bank team. Wenyang Gao, an executive director, and Victor Wong, a director, as well as an analyst in its China debt team were also cut. It also let go of a real estate banker. The recent cuts at UBS come as China steps up scrutiny of companies seeking to sell debt abroad as defaults worsen to record levels.