The wealth management arm of UBS is reportedly beginning to make job cuts in Asia this week.
UBS is unloading about 70 people in its global wealth unit in Asia this week, according to a «Bloomberg» report citing unnamed sources. The cuts are mainly in Hong Kong and Singapore, including bankers who joined from Credit Suisse as part of the post-takeover integration. A spokesperson for the bank declined to comment.
As of end-2023, UBS Global Wealth Management had a total of 1,101 advisors in Asia, compared to 847 as of end-2022 prior to the takeover.
