UBS job cuts: Singapore, HK affected

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UBS CEO Sergio Ermotti: Staff reduction to 54,000 from the current 64,000

Swiss banking giant UBS will have a noticeable portion of its 10,000 layoffs in Asia, namely in Singapore, Hong Kong and India, people familiar with the matter said after the bank on October 30 announced it will cut 15 per cent of its workforce as part of a massive restructuring of its chronically troubled investment banking branch.

“This decision has been a difficult one, particularly in a business such as ours that is all about its people,” UBS chief executive Sergio Ermotti said in a statement, referring to the planned job cuts.

UBS posted a steep loss of $2.36 billion in the third quarter 2012.

While UBS is heavily cutting staff at its troubled operations in Switzerland, Europe and the US, Singapore, Hong Kong and India are not left out.

According to Singapore media, a few 100 UBS employees are expecting to be given the boot, mainly in the Fixed Income, Currencies and Commodities (FICC) division of the bank, while others will be moved from there to the wealth management department. Similar decisions are expected to be made in Hong Kong.

FICC is bearing the brunt of UBS’s global layoffs, including in Asia, as the bank pulls back from its less-profitable trading operations.

In India, UBS is expected to make cuts in the “high double digits”, according to media reports.

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Reading Time: 1 minute

UBS CEO Sergio Ermotti: Staff reduction to 54,000 from the current 64,000

Swiss banking giant UBS will have a noticeable portion of its 10,000 layoffs in Asia, namely in Singapore, Hong Kong and India, people familiar with the matter said after the bank on October 30 announced it will cut 15 per cent of its workforce as part of a massive restructuring of its chronically troubled investment banking branch.

Reading Time: 1 minute

UBS CEO Sergio Ermotti: Staff reduction to 54,000 from the current 64,000

Swiss banking giant UBS will have a noticeable portion of its 10,000 layoffs in Asia, namely in Singapore, Hong Kong and India, people familiar with the matter said after the bank on October 30 announced it will cut 15 per cent of its workforce as part of a massive restructuring of its chronically troubled investment banking branch.

“This decision has been a difficult one, particularly in a business such as ours that is all about its people,” UBS chief executive Sergio Ermotti said in a statement, referring to the planned job cuts.

UBS posted a steep loss of $2.36 billion in the third quarter 2012.

While UBS is heavily cutting staff at its troubled operations in Switzerland, Europe and the US, Singapore, Hong Kong and India are not left out.

According to Singapore media, a few 100 UBS employees are expecting to be given the boot, mainly in the Fixed Income, Currencies and Commodities (FICC) division of the bank, while others will be moved from there to the wealth management department. Similar decisions are expected to be made in Hong Kong.

FICC is bearing the brunt of UBS’s global layoffs, including in Asia, as the bank pulls back from its less-profitable trading operations.

In India, UBS is expected to make cuts in the “high double digits”, according to media reports.

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