UBS Reportedly To Cut About 40 Jobs In Asia Pacific

(RTTNews) - Swiss banking giant UBS Group AG (UBS) is cutting about 40 jobs in the Asia-Pacific as part of its efforts to cut costs and combine its trading units, Bloomberg reported.

Meanwhile, Reuters reported that the bank is planning up to 30 job cuts in the major centres of Hong Kong, Singapore, Sydney and Tokyo.

The planned cut will be after combining its global markets and banking businesses.

The job cuts reportedly started last week and were centred on both front and back office positions in the trading and investment banking divisions.

In September, the bank had said that it would combine global markets and banking businesses. The bank plans to form a single Global Markets securities and trading unit after merging its main equities unit with foreign exchange, rates and credit trading operations.