UBS Reportedly To Cut Wealth-management Jobs In Asia

(RTTNews) - Swiss banking major UBS Group AG (UBS) is cutting hundreds of wealth-management jobs in Asia amid muted client activity and China's slowing economy, reports said.

The number of affected jobs will reach at least 100 positions. The bank reduced some overlapping roles in the past months, while further cuts are expected through November.

It is expected that relationship managers in Hong Kong and Singapore, the majority within teams newly acquired from Credit Suisse, will be mainly affected by the move.

Meanwhile, UBS reportedly plans to keep the majority of private bankers in Australia and India for now.

In the Asia-Pacific region, the business is struggling with muted client sentiment and activity levels. In the region, the wealth-management unit's profit before tax fell 9 percent in the second quarter.