UBS said to make cuts to private banking in Singapore

UBS sign

UBS has cut a handful of private bankers from operations in Singapore and Hong Kong in recent weeks including a senior catering for the super rich in Southeast Asia, two people familiar with the matter said.

Reuters reports that the bankers who have departed include Joseph Poon, head of UBS Wealth Management's ultra-high net worth for Southeast Asia, one of the people said, adding the cuts were part of "normal adjustments." That particular role has also been cut, the person said.

UBS sought to reassure investors with details of cost and job cuts earlier this month after reporting weaker earnings and capital though inflows at its private banking businesses were robust.

UBS, the biggest wealth manager by assets in Asia, remains a "net hirer" in the region and has been adding people strategically depending on business needs, the people said, declining to be identified as the matter was not public.

To access the complete Reuters article hit the link below:

UBS cuts "handful" of private bankers in Singapore, HK -sources

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