UBS Wealth Administration, the arm of UBS devoted to dealing with prosperous shoppers, has commenced a big restructuring inside its Asian sector.

This initiative, primarily affecting its operations in Hong Kong and Singapore, is about to scale back its workforce by roughly 70 people. This resolution emerges amidst a difficult monetary local weather that has adversely impacted the profitability of one of many area’s foremost wealth administration entities.

Notably, this discount contains a number of bankers who had transitioned to UBS following its acquisition of Credit score Suisse, integrating them into its intensive community. Regardless of these adjustments, UBS has opted to take care of discretion, with representatives abstaining from touch upon the matter, in keeping with a Bloomberg report.

This transfer is reflective of the broader changes throughout the monetary business, significantly in Asia, as corporations navigate by way of fluctuating market circumstances. It’s pertinent to spotlight that, on the shut of 2023, UBS World Wealth Administration reported a considerable improve in its advisory group, boasting 1,101 advisors, a noteworthy rise from the 847 recorded on the finish of 2022, previous to the Credit score Suisse acquisition.

Featured picture credit score: Edited from Freepik

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