UBS on Tuesday reported a 16 per cent drop in third-quarter profit to 1.05 billion Swiss francs from a year earlier. Photo: AFP

UBS to seek full control of Chinese securities joint venture by 2020

  • UBS became first foreign lender to receive approval to take majority stake in its securities joint venture in December
  • Move comes as China has relaxed rules on foreign ownership of financial companies ahead of schedule
Topic |   Banking & Finance

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UBS on Tuesday reported a 16 per cent drop in third-quarter profit to 1.05 billion Swiss francs from a year earlier. Photo: AFP
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A pedestrian walks by the logo of Swiss banking giant UBS engraved on the wall of its headquarters on May 8, 2019 in Zurich. Photo: AFP

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
Topic |   Banking & Finance

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A pedestrian walks by the logo of Swiss banking giant UBS engraved on the wall of its headquarters on May 8, 2019 in Zurich. Photo: AFP
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