UBS Group AG is considering slashing approximately two-thirds of Credit Suisse Group’s investment bankers in the Asia-Pacific following their merger. This move could result in the loss of around 200 jobs in the global banking division in Asia in the upcoming months. Though an internal announcement on global leadership changes might be made, specific details on the cuts may not be disclosed. Earlier reports suggest UBS began laying off 80% of Credit Suisse’s investment bankers in Hong Kong this week. However, UBS intends to keep over 100 Credit Suisse bankers in Asia, focusing on markets outside Hong Kong. This reduction aligns with UBS’s goal to decrease staff costs by USD6bn amid a global decline in dealmaking revenue.
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