Switzerland’s UBS has parted company with several well-known senior bankers from its Singapore office following a recent business review, two sources told finews.asia.
Among those said to be leaving the bank were Urs Grueter a Managing Director, who at one time was responsible for co-managing the Singapore onshore business, and the Head of Ultra High Net Worth South East Asia Joseph Poon.
A UBS spokeswoman didn't comment when contacted by finews.asia. Grueter and Poon couldn't immediately be reached for comment.
UBS is introducing a new organisational structure to the wealth management business in a move which aims to cut costs by hundreds of millions of dollars.
Reducing Complexity
Wealth management head Juerg Zeltner recently told staff in a memo that the bank would be reducing complexity, leading to some delayering and reductions in personnel.
Despite the exits the Swiss bank has also been strategically adding to its business in recent months. In March the bank announced that Tracey Woon would be joining the bank as Vice Chairman for UBS Wealth Management in Asia and in Hong Kong the firm recently expanded its presence there with a substantial new office in Kowloon.
