UBS To Cut Around 100 Positions in Asia's Wealth Management Business: Report
Portfolio Pulse from Lekha Gupta
UBS Group AG is planning to cut at least 100 wealth-management jobs in Asia due to muted client activity and a slowing economy in China. The roles to be cut include relationship managers in Hong Kong and Singapore that were integrated from Credit Suisse. UBS plans to retain most private bankers in Australia and India. This follows UBS's Q2 EPS of $8.99 and its announcement of targeting gross cost savings of $10 billion by 2026, which would result in 3,000 job cuts due to its merger with Credit Suisse.
September 11, 2023 | 1:44 pm
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UBS's plan to cut jobs in Asia reflects its strategy to address muted client activity and a slowing economy in China. This follows its Q2 EPS of $8.99 and its target of $10 billion cost savings by 2026, which would result in 3,000 job cuts due to its merger with Credit Suisse.
The job cuts in Asia are part of UBS's strategy to address muted client activity and a slowing economy in China. This could potentially impact the company's operational efficiency and cost structure in the short term. However, the company's strong Q2 earnings and its cost savings target indicate a positive long-term outlook, which might offset any short-term negative impact.
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