UBS Group AG has trimmed about 7% of its global banking unit in Asia, as slowing Chinese growth prompts the arm’s first redundancy round of the year.
(Bloomberg) — UBS Group AG has trimmed about 7% of its global banking unit in Asia, as slowing Chinese growth prompts the arm’s first redundancy round of the year.
About two dozen investment bankers were affected, people familiar with the matter said. It mainly relates to China-focused roles based in Hong Kong and includes several managing directors, the people said, asking not to be identified because the matter isn’t public.
The cuts were originally slated for September but were postponed as a result of the Credit Suisse merger, the people said. The final number of job losses isn’t decided.
A Hong Kong-based spokesperson declined to comment.
A slowdown in the world’s second-largest economy is hitting dealmaking, prompting global banks to rein in their presence in the once lucrative market. The Swiss bank previously cut half a dozen mainland China-focused employees in Hong Kong in 2022.
Read More: UBS Cuts Half a Dozen Bankers in Hong Kong as Deals Slump
–With assistance from Manuel Baigorri, Low De Wei and Joyce Koh.
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