Switzerland’s UBS has reportedly offloaded more investment bankers in Hong Kong amid a slowdown in China.
UBS has cut about 7 percent of its global banking unit in Asia, according to a report citing unnamed sources, mainly related to China-focused roles based in Hong Kong. This has affected about two dozen investment bankers, including several managing directors.
The cuts were initially planned for September but were postponed due to the Credit Suisse takeover. The final number of job losses in this current round of cuts has yet to be decided. In 2022, UBS axed half a dozen China-focused staff in Hong Kong.