UBS is reportedly considering plans to shrink the investment banking headcount in Asia Pacific by around two-thirds and focus on markets outside Hong Kong.
UBS is weighing a plan to cut around 200 jobs from Credit Suisse’s global banking division in APAC over the next few months, according to a «Bloomberg» report citing unnamed sources. It is looking to retain about 100 of Credit Suisse’s investment bankers in the region, with many focused on markets outside of Hong Kong.
Following the takeover in June, UBS has underlined that it will look to reduce risk in Credit Suisse’s investment banking division. Separately, around 80 percent of Credit Suisse’s Hong Kong-based investment banking staff will reportedly be laid off with cuts commencing this week.
