Swiss financial giant UBS is reportedly looking to ax around 90 jobs across its private and investment banking units in Asia.
UBS is looking to offload 70 and 20 jobs in Asia within its private and global banking units, respectively, in March, according to a «Bloomberg» report citing unnamed sources. Within the private bank, the cuts may include approximately 25 relationship managers as well as supporting roles in the investment and solutions teams, mostly in Greater China and Singapore.
The reductions are not finalized and will include bankers who voluntarily exit after bonus payouts. Following the close of the Credit Suisse takeover deal in June 2023, UBS’s workforce totaled 120,000 and it announced thereafter that it would aim to save around $6 billion in staff costs.
