Wednesday, April 24, 2024
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UBS Group AG is reportedly planning to reduce its workforce by approximately 90 positions in Asia’s private wealth and investment banking sectors in March. The move comes as China’s stock market downturn and a decline in deal-making activities have impacted revenue, sources familiar with the matter informed Bloomberg. 

The Zurich-based bank is considering cutting around 70 jobs in its private bank and an additional 20 positions in its global banking division. 

The reductions in the wealth division may affect approximately 25 relationship managers and supporting roles in investment and solutions teams, primarily in Greater China and Singapore. 

However, the final decision on job cuts is pending, as the bank anticipates more voluntary departures following bonus payouts. This reduction in the private banking sector is among the largest witnessed in Asia, coinciding with a decline in wealth from the Greater China region amid a property crisis and economic challenges.

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