UBS to Reduce Staff in Wealth Management Division Across Asia

UBS Wealth Administration, the arm of UBS devoted to dealing with prosperous purchasers, has commenced a major restructuring inside its Asian sector.

This initiative, primarily affecting its operations in Hong Kong and Singapore, is about to cut back its workforce by roughly 70 people. This determination emerges amidst a difficult monetary local weather that has adversely impacted the profitability of one of many area’s foremost wealth administration entities.

Notably, this discount contains a number of bankers who had transitioned to UBS following its acquisition of Credit score Suisse, integrating them into its intensive community. Regardless of these adjustments, UBS has opted to keep up discretion, with representatives abstaining from touch upon the matter, in response to a Bloomberg report.

This transfer is reflective of the broader changes throughout the monetary business, significantly in Asia, as companies navigate by way of fluctuating market circumstances. It’s pertinent to focus on that, on the shut of 2023, UBS World Wealth Administration reported a considerable improve in its advisory group, boasting 1,101 advisors, a noteworthy rise from the 847 recorded on the finish of 2022, previous to the Credit score Suisse acquisition.

Featured picture credit score: Edited from Freepik

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