In its latest round of job cuts, UBS’s cost-saving efforts have reportedly hit Asia, specifically in its Chinese asset management unit.
UBS Asset Management Shanghai will begin laying off around one-third of its 50-strong team, according to a «Reuters» report citing unnamed sources. It will also shut 17 out of 19 of its private funds, which are the equivalent of hedge funds and private equity funds in China, while shifting focus to strategies like fund of funds.
UBS is also making broader efforts to reallocate resources in its Chinese asset management business, consolidate platforms and absorb resources from Credit Suisse.
Global Layoffs
The latest job cuts follow a recent «Bloomberg» report stating that the Swiss financial group is planning another round of layoffs globally, affecting over 100 positions across investment banking, wealth management and markets.
UBS has previously said that it is targeting around $6 billion in savings related to staff costs.
