HONG KONG Dec 16 UBS Group AG is
cutting nearly two dozen jobs in its Asian investment banking
business, mainly in Hong Kong and Singapore, as part of its push
to cut costs and as deal volume in the region remains sluggish,
people with direct knowledge of the matter said.
The latest round of job cuts at the Swiss bank will be
mostly mid-level staff but will also include a few managing
directors, said the people, declining to be identified due to
the sensitivity of the issue.
One of the sources said the cuts could involve as many as 20
bankers in UBS' two main Asian investment banking centres.
A spokesman for UBS in Hong Kong declined to comment.
UBS co-head of equity capital markets (ECM) for Asia, Damien
Brosnan, will leave the Swiss investment bank at the end of the
month, Thomson Reuters publication IFR reported on Thursday.
After leading the equity capital market (ECM) league table
in Asia for several years, UBS fell to fourth place in the first
nine-months of the year from second in the same period a year
earlier, Thomson Reuters data showed.
(Reporting by Sumeet Chatterjee, Fiona Lau of IFR and Julie
Zhu; Editing by Saeed Azhar and Edwina Gibbs)