UBS is reportedly letting go of several investment bankers in Hong Kong focused on Chinese debt issuance in the midst of an ongoing property crisis in the world’s second-largest economy.
UBS is cutting several Hong Kong-based investment bankers on the China debt issuance team, according to a «Bloomberg» report citing unnamed sources. They include executive director Wenyang Gao, director Victor Wong and an unnamed analyst.
Following a 75 percent drop in investment banking revenues for the second quarter in what chief executive Ralph Hamers called one of the most difficult periods for investors in a decade, UBS has been downsizing the business globally to sharpen its focus on wealth management.
Within the region, UBS has traditionally been focused on the sale of Chinese junk bonds to wealthy clients. But sentiments have remained weak for the asset class as it is dominated by the property sector which is suffering from a deepening crisis that includes mortgage boycotts over unfinished housing projects.
