UBS to cut jobs in Asia and Europe

In what is seen as new co-head Iqbal Khan's move to make his mark, UBS has made sweeping job cuts in its latest cost cutting and restructuring exercise.
By: | January 17, 2020
Topics: Asia-Pacific | Leadership | News | Restructuring

Investment bank UBS Group is laying off about 500 staff in Asia and Europe as part of its latest restructuring and cost cutting exercise, according to Bloomberg.

The job cut is seen as co-head Iqbal Khan’s move to make his mark since coming on board in August last year. Chief Executive Officer Sergio Ermotti has also given Mr Khan and fellow co-head Tom Naratil 60 days to come up with a restructuring plan.

The move is also aimed to bring clients closer to top decision-makers as well as speed up the company’s decision-making process.

“We are taking steps to make it easier and faster for our clients to do business with UBS,” the bank said in a statement. “Those changes impact a small number of roles.”

While the bank has not disclosed the exact number of jobs affected, people familiar with the matter claim the figure is around 500. UBS has over 10,000 staff in Asia.

Senior management are not the only ones targeted with lower level staff such as assistants not being spared the axe either.