Swiss lender UBS AG has begun firing some employees of its commercial banking division, a little over two weeks after it surrendered its commercial banking licence to the Reserve Bank of India (RBI), Mint reported.

UBS surrendered its commercial banking licence on 21 June, and started distributing letters of termination of service on Friday. It is giving severance packages on the basis of number of years spent with the company.

Confirming the development, a Hong Kong-based spokesman of UBS attributed the move to the bank’s strategy of repositioning its capital and balance sheet-intensive businesses, while sharpening focus on its core businesses in equities and corporate client solutions.

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