64 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. You Might Be Interested In Paywatch Expands Regional Presence and Bolsters Industry Partnerships Unitel, Angola’s Telecom Giant, to Launch IPO in 2024 Stocks drop on profit-taking before Fed review SoftBank-backed Improbable slashes losses by 85% after metaverse pivot Policy Rate Raised by 25 Basis Points, Private Credit Growth Target Reduced to 10% Angel Chia Takes Charge at HKAWL, Elevating Hong Kong’s Status in Family Office Landscape
