UBS is cutting nearly two dozen jobs in its Asian investment banking business, mainly in Hong Kong and Singapore, as part of a push to slash costs, people familiar with the situation said. The cuts will involve mostly mid-level staff but will also include a few managing directors, said the sources. Investment banks are grappling with a harsh environment in Asia as the region's economies and markets have failed to deliver sustained growth after the 2008 financial crisis. The banks' business has also been eroded by local competitors, notably aggressive Chinese firms. Equity activity in Asia ex-Japan stock exchanges slumped 30% in the first nine months of 2016.
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