Following the Credit Suisse takeover, Asia has seen its overall headcount soar to now account for around one-quarter of the enlarged Swiss group's global workforce.
The number of full-time equivalent personnel in the Asia Pacific region grew 68 percent in 2023 from 16,489 to 27,638, according to the bank’s annual report released on Thursday. This accounts for 24 percent of the global headcount which totaled 112,842, up 55 percent from 72,597 at end-2022.
This made APAC the region with the second-highest increase following the Credit Suisse takeover, behind the Middle East which grew 121 percent from a low base to 631.
Wealth Management Cuts
The headcount is likely due for adjustments as UBS’s Asia wealth arm is reportedly downsizing with 70 job cuts earlier this month, which includes fresh joiners from Credit Suisse. As of end-2023, UBS Global Wealth Management had a total of 1,101 advisors in Asia, compared to 847 in the previous year.
«We hired a total of 11,435 external candidates across the combined firm in 2023 and developed more than 3,700 graduates and other trainees, apprentices and interns around the globe,» the bank commented in its latest annual report. «We actively promote multi-year apprenticeship programs in Switzerland and the UK, along with summer internship programs in the US, EMEA, Asia Pacific and Switzerland.»
