Jobs in Singapore affected as UBS cuts staff, Latest Business News - The New Paper

Jobs in Singapore affected as UBS cuts staff

This article is more than 12 months old

HONG KONG: UBS will cut up to 30 jobs in the major centres of Hong Kong, Singapore, Sydney and Tokyo after combining its global markets and banking businesses, a person with knowledge of the matter said.

The job cuts at the Swiss bank started last week and were centred on both "front and back office" positions in the trading and investment banking divisions of the global bank.

UBS said last month that it would combine its global markets and banking businesses in a move to pare back its management structure and revamp its flagging market share.

As part of that move, the bank's main equities unit will be merged with its smaller foreign exchange, rates and credit trading operations to form a single global markets securities and trading unit.

Mr Ros Stephenson and Mr Javier Oficialdegui were named global co-heads of the newly renamed Global Banking unit, overseeing global mergers and acquisitions, initial public offerings and capital markets activities.

Hong Kong and Singapore, which hold the majority of UBS Asian workforces, would be most impacted while positions were also cut in Sydney and Tokyo.

UBS has 10,000 people employed in Asia and a bank spokesman declined to comment on the most recent round of job cuts. Bloomberg reported earlier yesterday that UBS was cutting about 40 jobs in Asia-Pacific. - REUTERS