Fintech News Singapore
March 14, 2024
UBS Wealth Management, the arm of UBS dedicated to serving wealthy clients, has begun a major restructuring of its Asia division.
The plan, which mainly affects operations in Hong Kong and Singapore, will result in the reduction of around 70 employees. This decision comes amid a difficult financial environment that has negatively impacted the profitability of one of the region’s leading wealth management institutions.
Notably, the decline included several bankers who switched to UBS after acquiring Credit Suisse, integrating them into UBS’ broader network. Despite these changes, UBS decided to maintain discretion, and representatives abstained from commenting on the matter, according to a Bloomberg report.
The move reflects a broader adjustment in the financial industry, particularly in Asia, as companies navigate volatile market conditions. At the end of 2023, UBS Global Wealth Management reported a significant increase in its advisory team, boasting 1,101 advisors, a notable increase from the 847 recorded at the end of 2022, prior to the Credit Suisse acquisition.
Featured image source: Edited from Freepik
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