Switzerland’s UBS has reportedly offloaded more investment bankers in Hong Kong in the midst of an ongoing slowdown in China.
UBS has cut about 7 percent of its global banking unit in Asia, according to a «Bloomberg» report citing unnamed sources, mainly related to China-focused roles based in Hong Kong. This has resulted in about two dozen investment bankers being affected, including several managing directors.
The cuts were originally planned for September but were postponed due to the Credit Suisse takeover. The final number of job losses in this current round of cuts is not decided. In 2022, UBS axed half a dozen China-focused staff in Hong Kong.
