UBS Wealth Management said yesterday that it is cutting approximately 240 jobs in the Asia-Pacific region.
That amounts to about 7.5% of UBS's wealth management staff in Asia-Pacific, or about 3% of UBS's employees out here. The cuts have been taking place this week, and insiders say they expect they will continue to happen throughout the week.
While even the bankers in the wealth management division don't know who exactly will be let go, they note that it is likely to break down to roughly 100 jobs from Singapore, 100 jobs from Hong Kong, where the bulk of their bankers are located, and 40 jobs from other parts of the region....
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