Breaking News
0
Ad-Free Version. Upgrade your Investing.com experience. Save up to 40% More details

UBS cutting up to 30 banking jobs in Asia Pacific: source

Stock MarketsOct 21, 2019 01:27AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. FILE PHOTO: Logo of Swiss bank UBS is seen in Zurich

HONG KONG (Reuters) - UBS (S:UBSG) will cut up to 30 jobs in the major centres of Hong Kong, Singapore, Sydney and Tokyo after combining its global markets and banking businesses, a person with knowledge of the matter said.

The job cuts at the Swiss bank started last week and were centred on both "front and back office" positions in the trading and investment banking divisions of the global bank, said the person, who declined to be named.

UBS said in September that it would combine its global markets and banking businesses in a move to pare back its management structure and revamp its flagging market share.

As part of that move, the bank's main equities unit will be merged with its smaller foreign exchange, rates and credit trading (FRC) operations to form a single 'Global Markets' securities and trading unit.

Ros Stephenson and Javier Oficialdegui were named global co-heads of the newly renamed Global Banking unit, overseeing global M&A, IPOs and capital markets activities.

The major Asian financial centres of Hong Kong and Singapore, which hold the majority of UBS Asian workforces, would be most impacted by the latest round of redundancies while positions were also cut in Sydney and Tokyo, the person said.

Most of the front line investment banking changes were limited to junior staff, he added.

UBS has 10,000 people employed in Asia and a bank spokesman declined to comment on the most recent round of job cuts.

Bloomberg reported earlier on Monday that UBS was cutting about 40 jobs in Asia Pacific.

(This story refiles to add missing word in fourth para)

UBS cutting up to 30 banking jobs in Asia Pacific: source
 

Related Articles

Evergrande's billionaire boss exudes calm amid crisis
Evergrande's billionaire boss exudes calm amid crisis By Reuters - Sep 24, 2021

By Clare Jim HONG KONG (Reuters) - Mingling with power brokers at celebrations to mark the centenary of the Chinese Communist Party on July 1, a beaming Hui Ka Yan showed no signs...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email