UBS to cut 40 jobs in trading and investment banking in Asia-Pacific region below vice-president level

The staff reductions are roughly split between UBS’s markets and investment-banking teams

The majority of the cuts will be at the level of vice-president or below, said a person familiar with the matter

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Published: 3:19pm, 21 Oct 2019Updated: 3:19pm, 21 Oct 2019

UBS Group is cutting about 40 jobs in the Asia-Pacific region as part of a global push to trim costs and combine its trading units, according to a person familiar with the matter.

The staff reductions are roughly split between UBS’s markets and investment-banking teams, with a majority at the level of vice-president or below, the person said, asking not to be identified because the details aren’t public.

The Asian divisions – led by Hong Kong-based Taichi Takahashi and David Chin – will see smaller cuts than those planned in Europe because UBS sees the region as a driver for growth, the person said.

UBS has embarked on a sweeping overhaul of its investment bank, reshuffling senior management and combining trading operations in changes that may ultimately eliminate hundreds of positions, people with knowledge of the plan have said.

Citigroup, Deutsche Bank and HSBC Holdings also are cutting staff to rein in costs as the industry deals with difficult trading conditions, sputtering economies and the impact of trade tensions on cross-border deals.

Mark Panday, a Hong Kong-based spokesman at UBS, declined to comment.