UBS Group AG is considering reducing its workforce in wealth management in Asia by several hundred positions.
This decision aligns with the bank's strategy to respond to subdued client activity and a decelerating economy in China, reported Bloomberg.
The company intends to cut a minimum of 100 positions, including roles such as relationship managers in Hong Kong and Singapore, which were previously integrated from Credit Suisse, as reported by an individual familiar with the situation, according to the report.
According to the report, UBS intends to retain the majority of its private bankers in Australia and India for the time being.
The largest bank in Switzerland has already eliminated several positions in recent months and intends to continue reducing its workforce until November.
In the previous month, UBS reported Q2 earnings per share (EPS) of $8.99, a substantial increase from $0.61 in the same period the previous year and $0.32 in the first quarter of FY23.
This marked the bank's initial quarterly financial outcome following the successful acquisition of its struggling counterpart, Credit Suisse. Additionally, the bank unveiled its objective of achieving gross cost savings totalling at least $10 billion by 2026, attributing this plan to its merger with Credit Suisse and the complete integration of its Swiss unit, which is expected to result in 3,000 job reductions.
In June, UBS Group completed its acquisition of Credit Suisse Group, marking one of the largest banking mergers since the 2008 financial crisis.
The group also made announcements regarding alterations to the executive board of Credit Suisse. This involved the departure of several top executives and the reduction of responsibilities for others. Reports indicated that only a small portion of the leadership positions within the merged bank would be occupied by former Credit Suisse members.