Arab Press

بالشعب و للشعب
Saturday, Aug 02, 2025

UBS to cut 40 Asia trading, investment banking jobs below VP level

UBS to cut 40 Asia trading, investment banking jobs below VP level

Global banks including UBS, Citigroup, Deutsche Bank and HSBC are cutting staff to rein in costs as the industry deals with difficult trading conditions, sputtering economies and the impact of trade tensions on cross-border deals.

UBS to cut 40 jobs in trading and investment banking in Asia-Pacific region below vice-president level.


The staff reductions are roughly split between UBS’s markets and investment-banking teams.
The majority of the cuts will be at the level of vice-president or below, said a person familiar with the matter.

UBS Group 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 person familiar with the matter.

The staff reductions are roughly split between UBS’s markets and investment-banking teams, with a majority at the level of vice-president or below, the person said, asking not to be identified because the details aren’t public.

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 person said.

UBS has embarked on a sweeping overhaul of its investment bank, reshuffling senior management and combining trading operations in changes that may ultimately eliminate hundreds of positions, people with knowledge of the plan have said.
Citigroup, Deutsche Bank and HSBC Holdings also are cutting staff to rein in costs as the industry deals with difficult trading conditions, sputtering economies and the impact of trade tensions on cross-border deals.

Mark Panday, a Hong Kong-based spokesman at UBS, declined to comment.

UBS is set to announce its third-quarter results tomorrow. While the company’s investment-banking fees fell in both Europe and the US in 2018, they grew 28 per cent in Asia, according to Freeman & Co. The fees totalled US$388 million this year through the third quarter in Asia, ranking the region ahead of Europe and behind the US, the consulting firm said.

As part of its global restructuring, Ros L’Esperance and Javier Oficialdegui are being put in charge of the newly named global banking division, which will include public capital markets, private financing and mergers and acquisitions. A combined global markets operation, including equities and foreign exchange, rates and credit, will be run by Jason Barron and George Athanasopoulos.

Greg Peirce is taking over as global head of mergers and acquisitions, the first time that role will be based in Hong Kong, the person said. The Asian staff reductions have already begun, with a fresh round expected later this month, they said.

Newsletter

Related Articles

Arab Press
0:00
0:00
Close
Germany Enters Fiscal Crisis as Cabinet Approves €174 Billion in New Debt
IMF Upgrades Global Growth Forecast as Weaker Dollar Supports Outlook
Politics is a good business: Barack Obama’s Reported Net Worth Growth, 1990–2025
UN's Top Court Declares Environmental Protection a Legal Obligation Under International Law
"Crazy Thing": OpenAI's Sam Altman Warns Of AI Voice Fraud Crisis In Banking
Japanese Prime Minister Vows to Stay After Coalition Loses Upper House Majority
President Trump Diagnosed with Chronic Venous Insufficiency After Leg Swelling
Man Dies After Being Pulled Into MRI Machine Due to Metal Chain in New York Clinic
FIFA Pressured to Rethink World Cup Calendar Due to Climate Change
Iranian President Reportedly Injured During Israeli Strike on Secret Facility
Kurdistan Workers Party Takes Symbolic Step Towards Peace in Northern Iraq
BRICS Expands Membership with Indonesia and Ten New Partner Countries
Elon Musk Founds a Party Following a Poll on X: "You Wanted It – You Got It!"
AI Raises Alarms Over Long-Term Job Security
Russia Formally Recognizes Taliban Government in Afghanistan
Saudi Arabia Maintains Ties with Iran Despite Israel Conflict
Mediators Edge Closer to Israel-Hamas Ceasefire Agreement
Germany Seeks Taliban Deal to Deport Afghan Migrants
Emirates Airline Expands Market Share with New $20 Million Campaign
Robots Compete in Football Tournament in China Amid Injuries
China Unveils Miniature Insect-Like Surveillance Drone
Marc Marquez Claims Victory at Dutch Grand Prix Amidst Family Misfortune
Iran Executes Alleged Israeli Spies and Arrests Hundreds Amid Post-War Crackdown
Trump Asserts Readiness for Further Strikes on Iran Amid Nuclear Tensions
Qatar Airways Clears Backlog of Passengers Following Missile Threats
Iran's Parliament Votes to Suspend Cooperation with Nuclear Watchdog
Trump Announces Upcoming US-Iran Meeting Amid Controversial Airstrikes
Trump Moves to Reshape Middle East Following Israel-Iran Conflict
NATO Leaders Endorse Plan for Increased Defence Spending
U.S. Crude Oil Prices Drop Below $65 Amid Market Volatility
“You Have 12 Hours to Flee”: Israeli Threat Campaign Targets Surviving Iranian Officials
Oman Set to Introduce Personal Income Tax, First in Gulf
Germany and Italy Under Pressure to Repatriate $245bn of Gold from US Vaults
Trump Praises Iran’s ‘Very Weak’ Response After U.S. Strikes and Presses Israel to Pursue Peace
WATCH: Israeli forces show the aftermath of a massive airstrike at Iran's Isfahan nuclear site
We have new information and breaking details to share about what is shaping up to be a historic air campaign tonight
Six Massive Bombs Dropped on Fordow; Trump: 'A Historic Moment for the U.S., Israel, and the World'
Fordow: Deeply Buried Iranian Enrichment Site in U.S.–Israel Crosshairs
United States Conducts Precision Strikes on Iran’s Nuclear Sites
US strikes Iran nuclear sites, Trump says
Pakistan to nominate Trump for Nobel Peace Prize.
Israel Confirms Assassination of Quds Force Commander in Tehran
16 Billion Login Credentials Leaked in Unprecedented Cybersecurity Breach
Senate hearing on who was 'really running' Biden White House kicks off
G7 Leaders Fail to Reach Consensus on Key Global Issues
Mass exodus in Tehran as millions try to flee following Trump’s evacuation order
Iranian Military Officers Reportedly Seek Contact with Reza Pahlavi, Signal Intent to Defect
China's Iranian Oil Imports Face Disruption Amid Escalating Middle East Tensions
Trump Demands Iran's Unconditional Surrender Amid Escalating Conflict
Israeli Airstrike Targets Iranian State TV in Central Tehran
×