HONG KONG: UBS Group AG is cutting about 40 jobs in the Asia-Pacific region as part of a global push to trim costs and combine its trading units, according to a source.
The staff reductions are roughly split between UBS’ markets and investment-banking teams, with a majority at the level of vice-president or below, the source said. The Asian divisions – led by Hong Kong-based Taichi Takahashi and David Chin – will see smaller cuts than those planned in Europe because UBS sees the region as a driver for growth, the source said.