UBS Group AG
is slicing scarcely dual dozen jobs in a Asian investment banking business, especially in Hong Kong and Singapore, as partial of a pull to condense costs, people with approach believe of a matter said.
The Swiss bank joins rivals in creation investment banking cost cuts in Asia as understanding volume stays sluggish. The latest turn of pursuit cuts during UBS will be mostly mid-level staff though will also embody a few handling directors, pronounced a people, disappearing to be identified due to a attraction of a issue.
Wall Street banks are grappling with a oppressive sourroundings in Asia as a region’s economies and markets have unsuccessful to broach postulated expansion after a 2008 financial crisis. The banks’ business has also been eroded by internal competitors, particularly assertive Chinese firms.
One of a sources pronounced UBS’s cuts could engage as many as 20 bankers. UBS has about 550 investment bankers in Asia including China, a source said.
A orator for UBS in Hong Kong declined to comment.
Equity activity in Asia ex-Japan batch exchanges slumped 30% in a initial 9 months of 2016 with $140.7 billion value of deals, weighed down by a high decrease in follow-on share offerings, Thomson Reuters information showed.
And, after heading a equity collateral marketplace (ECM) joining list in Asia for several years, UBS fell to fourth place in a initial nine-months of a year from second in a same duration a year earlier, a information showed.
UBS co-head of equity collateral markets (ECM) for Asia, Damien Brosnan, will leave a Swiss investment bank during a finish of a month, Thomson Reuters announcement IFR reported on Thursday.
Barclays, Goldman Sachs, and Standard Chartered are among Western banks that have reduced their investment banking headcounts this year in Asia.
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Reuters reported final month that Standard Chartered is set to cut about a tenth of a tellurian corporate and institutional banking headcount opposite all a vital business centers starting with Singapore and Hong Kong, as a bank stairs adult an assertive expostulate to cut costs.
In October, UBS confirmed a murky opinion amid disastrous seductiveness rates in Switzerland and mercantile doubt that has kept many investors on a sidelines.
Article source: http://fortune.com/2016/12/16/ubs-job-cuts-asia/