UBS Axes 40 Jobs In APAC

UBS Group is trimming some 40 jobs in Asia Pacific as part of the group’s push to cut costs and combine its trading units.

The staff cuts would come from UBS’s markets and investment-banking teams with a majority at the level of vice president or below. The person asked not to be identified because the details are not yet public.

The Asian divisions will see smaller cuts than those planned in Europe because the lender sees the region as a growth driver, the people said. The divisions, led by Hong Kong-based Taichi Takahashi and David Chin, face a similar story at HSBC, which has is reviewing its equities unit, and announced steep headcount cuts in Europe.

As part of its global restructuring, Ros L’Esperance and Javier Oficialdegui are being given charge of the newly-named global banking division, which will house public capital markets, private financing and mergers, and acquisitions. A combined global markets operation including equities and foreign exchange, rates and credit will be run by Jason Barron and George Athanasopoulos.

Greg Peirce is taking over as global head of mergers and acquisitions, the first time that role will be based in Hong Kong, the person said. The Asian staff reductions have already begun, with a fresh round expected later this month, they said. UBS has started to overhaul its investment bank through reshuffling senior management and combining trading operations in changes that may ultimately eliminate hundreds of positions.