UBS Axes More Investment Bankers in Hong Kong
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Switzerland’s UBS has reportedly offloaded more investment bankers in Hong Kong amid a slowdown in China.
UBS has cut about 7 percent of its global banking unit in Asia, according to a report citing unnamed sources, mainly related to China-focused roles based in Hong Kong. This has affected about two dozen investment bankers, including several managing directors.
The cuts were initially planned for September but were postponed due to the Credit Suisse takeover. The final number of job losses in this current round of cuts has yet to be decided. In 2022, UBS axed half a dozen China-focused staff in Hong Kong.
Questions & Answers
Q.How many investment bankers has UBS recently cut in Hong Kong?
How many investment bankers has UBS recently cut in Hong Kong?
About two dozen investment bankers, including several managing directors, have been affected by the recent cuts. These roles are mainly China-focused positions based in Hong Kong.
Q.What percentage of UBS's global banking unit in Asia has been cut?
What percentage of UBS's global banking unit in Asia has been cut?
UBS has cut approximately 7 percent of its global banking unit in Asia. These reductions predominantly involve China-focused roles located in Hong Kong, according to a report.
Q.When were these job cuts originally planned to take place?
When were these job cuts originally planned to take place?
The job cuts were initially planned for September but were postponed. This delay was attributed to the Credit Suisse takeover, which affected the timing of these workforce reductions.
Q.What was the reason behind UBS making these job cuts?
What was the reason behind UBS making these job cuts?
UBS reportedly made these job cuts in Hong Kong amid a slowdown in China. The affected roles are primarily China-focused positions within its global banking unit.
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