UBS Group is eliminating around 40 jobs in the Asia Pacific as a major aspect of a global push to cut expenses and consolidate its trading units.
The reductions in staff are generally due to the divide between UBS’s business sectors and investment banking groups with a majority at the level of VP or below, a source stated to the National.
The Asian divisions — led by David Chin and Taichi Takahashi in Hong Kong — will see little cuts than those proposed in Europe because UBS considers the regions to be a development booster.
UBS has begun on a complete overhaul of its investment bank, reshuffling senior administration staff and joining trading operations in changes that may look at last wipe out several jobs. Deutsche Bank, Citigroup, and HSBC Holdings are likewise slicing staff to get control over expenses as the firm manages troublesome trading conditions, the effect of trade pressures on cross-border business, and sputtering markets.
UBS representative Mark Panday in Hong Kong refused to comment.
As a component of its global restructures, Javier Oficialdegui and Ros L’Esperance are being given charge of the recently named global financial sector, which will house private financing and mergers, public capital markets, and acquisitions. Consolidated global market operations, including equity and foreign trade, rates, and credit, will be controlled by George Athanasopoulos and Jason Barron.
The global head of mergers and acquisitions is Greg Peirce; this is the first occasion when that job will be situated in Hong Kong. The Asian job cut has started decreasing with a new round of job cuts is expected in the coming month.
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