随着公司合并从瑞信加入了瑞银的银行家也在裁员范围之内。UBS Group, Asia's largest wealth management company, began layoffs in its Asian private banking division this week due to falling profits, according to people familiar with the matter.
One of them said that the company will lay off about 70 employees by the end of March, including account managers. Hong Kong and Singapore are the “hardest hit areas.” Since the matter was not made public, people familiar with the matter declined to be named. The bank's spokesperson declined to comment.
Competitors such as Citigroup are also laying off workers in their Asian wealth management and investment banking divisions.
Bankers who joined UBS from Credit Suisse as the company merged are also covered by layoffs.
UBS Asia Pacific's profit before tax fell 46% year over year to US$97 million in the fourth quarter, and its performance was the lowest in the world. Meanwhile, the region's cost-to-revenue ratio rose to 87.7%. As of December 31, UBS had the largest wealth management workforce in Asia, with a total of 1,101 advisors.
