Swiss bank UBS is cutting wealth jobs in Asia following muted client activities and the slowing economy in China.
Over the past months, UBS has reduced some overlapping roles in the wealth business in Asia, after the completion of Credit Suisse’s takeover. The roles include relationship managers in Hong Kong and Singapore, mostly from Credit Suisse’s team.
The bank is also expected to have further cuts through November 2023, but the number of cuts has not been finalized.
The lender plans to keep the majority of private bankers in Australia and India for now, according to a report. Since June 2023, UBS has outlined major targets for the integration of its former rival, including 3,000 domestic job cuts and more than $10 billion in cost savings.
Pre-tax profit at the bank’s wealth management unit in the region fell by 8 percent year-on-year in the second quarter of 2023.