UBS & Sumitomo Mitsui Trust Joint Venture in Japan UBS SuMi Trust Wealth Management to Integrate Credit Suisse Securities Japan, UBS Securities Japan with 51% Stake & Sumitomo Mitsui Trust with 49% Stake, Clients Require Minimum of $2 Million after Integration
10th April 2024 | Hong Kong
UBS & Sumitomo Mitsui Trust joint venture in Japan UBS SuMi Trust Wealth Management will be integrating Credit Suisse Securities Japan, with UBS Securities Japan owning 51% stake & Sumitomo Mitsui Trust with 49% stake in the joint venture UBS SuMi Trust Wealth Management in Japan. After the integration, clients will require a minimum of $2 million. In March 2024, UBS has been reported to be planning to close Credit Suisse private bank accounts for clients with below $2 million AUM (Assets under Management) in APAC Wealth Management.
“ UBS & Sumitomo Mitsui Trust Joint Venture in Japan UBS SuMi Trust Wealth Management to Integrate Credit Suisse Securities Japan, UBS Securities Japan with 51% Stake & Sumitomo Mitsui Trust with 49% Stake, Clients Require Minimum of $2 Million after Integration “
UBS to Close Credit Suisse Private Bank Accounts for Clients with Below $2 Million AUM in APAC Wealth Management, UBS Wealth Management Cuts Around 70 People Including Private Bankers in Asia in Hong Kong & Singapore
21st March 2024 – UBS has been reported to be planning to close Credit Suisse private bank accounts for clients with below $2 million AUM (Assets under Management) in APAC Wealth Management. Earlier in March 2024, UBS Wealth Management has been reported to cut around 70 people including private bankers in Asia in Hong Kong & Singapore (UBS Wealth Management reported 1,101 client advisors at the end of 2023). In February 2024, UBS was reported to be planning to cut investment banking & private banking jobs with 90 job cuts in Asia, of which around 25 private bankers & investment solutions team in Greater China & Singapore may be affected. In February 2024, UBS reported $29.9 billion net profit for FY2023 (including $28.925 billion negative goodwill), and announcing UBS Global Wealth Management targeting $5 trillion AUM by 2028. UBS & Credit Suisse merger is also scheduled to complete by 2024. More info below:
UBS Wealth Management Cuts Around 70 People Including Private Bankers in Asia in Hong Kong & Singapore, UBS Wealth Management Reported 1,101 Client Advisors at the End of 2023, Global Wealth Management Targets $5 Trillion AUM by 2028
14th March 2024 – UBS Wealth Management has cut around 70 people including private bankers in Asia in Hong Kong & Singapore (UBS Wealth Management reported 1,101 client advisors at the end of 2023). In February 2024, UBS was reported to be planning to cut investment banking & private banking jobs with 90 job cuts in Asia, of which around 25 private bankers & investment solutions team in Greater China & Singapore may be affected. In February 2024, UBS reported $29.9 billion net profit for FY2023 (including $28.925 billion negative goodwill), and announcing UBS Global Wealth Management targeting $5 trillion AUM by 2028. UBS & Credit Suisse merger is also scheduled to complete by 2024. In February 2024, Morgan Stanley had also been reported to be cutting hundreds of jobs in Wealth Management, Nomura reported to cut around 60 investment banking jobs, joining Bank of America, UBS, Credit Suisse, JP Morgan, Goldman Sachs & Citigroup to cut investment banking jobs. In January 2024, Bank of America had also announced job cuts including around 20 investment banking jobs in Asia, with majority of the cuts affecting Hong Kong-based bankers (China deals). Senior investment bankers affected include Winnie Ng (Head of Hong Kong coverage & Co-Head of APAC Real Estate, Gaming & Losing) and Jessica Li (Head of Asia Healthcare).
Morgan Stanley to Cut Hundreds of Jobs in Wealth Management, UBS to Cut Investment Banking & Private Banking Jobs with 90 Job Cuts in Asia
15th February 2024 – Morgan Stanley had been reported to be cutting hundreds of jobs in Wealth Management, joining UBS in planning to cut investment banking & private banking jobs with 90 job cuts in Asia, of which around 25 private bankers & investment solutions team in Greater China & Singapore may be affected. Nomura had also been reported to cut around 60 investment banking jobs, joining Bank of America, UBS, Credit Suisse, JP Morgan, Goldman Sachs & Citigroup to cut investment banking jobs. In January 2024, Bank of America had also announced job cuts including around 20 investment banking jobs in Asia, with majority of the cuts affecting Hong Kong-based bankers (China deals). Senior investment bankers affected include Winnie Ng (Head of Hong Kong coverage & Co-Head of APAC Real Estate, Gaming & Losing) and Jessica Li (Head of Asia Healthcare).
UBS to Cut Investment Banking & Private Banking Jobs with 90 Job Cuts in Asia, Around 25 Private Bankers & Investment Solutions Team in Greater China & Singapore May be Affected
1st February 2024 – UBS has been reported to be planning to cut investment banking & private banking jobs with 90 job cuts in Asia, of which around 25 private bankers & investment solutions team in Greater China & Singapore may be affected. Nomura has also been reported to cut around 60 investment banking jobs, joining Bank of America, UBS, Credit Suisse, JP Morgan, Goldman Sachs & Citigroup to cut investment banking jobs. In January 2024, Bank of America had also announced job cuts including around 20 investment banking jobs in Asia, with majority of the cuts affecting Hong Kong-based bankers (China deals). Senior investment bankers affected include Winnie Ng (Head of Hong Kong coverage & Co-Head of APAC Real Estate, Gaming & Losing) and Jessica Li (Head of Asia Healthcare).
Nomura Cuts 60 Investment Banking Jobs, Joins Bank of America, UBS, Credit Suisse, JP Morgan, Goldman Sachs & Citigroup to Cut Investment Banking Jobs
31st January 2024 – Nomura has cut around 60 investment banking jobs, joining Bank of America, UBS, Credit Suisse, JP Morgan, Goldman Sachs & Citigroup to cut investment banking jobs. In January 2024, Bank of America has announced job cuts including around 20 investment banking jobs in Asia, with majority of the cuts affecting Hong Kong-based bankers (China deals). Senior investment bankers affected include Winnie Ng (Head of Hong Kong coverage & Co-Head of APAC Real Estate, Gaming & Losing) and Jessica Li (Head of Asia Healthcare). UBS has also been reported to be preparing to cut investment banking jobs, joining Credit Suisse, JP Morgan, Goldman Sachs & Citigroup to cut investment banking jobs.
Bank of America Cuts 20 Investment Banking Jobs in Asia, UBS to Cut Investment Banking Jobs, Joins Credit Suisse, JP Morgan, Goldman Sachs & Citigroup to Cut Investment Banking Jobs
24th January 2024 – Bank of America has announced job cuts including around 20 investment banking jobs in Asia, with majority of the cuts affecting Hong Kong-based bankers (China deals). Senior investment bankers affected include Winnie Ng (Head of Hong Kong coverage & Co-Head of APAC Real Estate, Gaming & Losing) and Jessica Li (Head of Asia Healthcare). UBS has also been reported to be preparing to cut investment banking jobs, joining Credit Suisse, JP Morgan, Goldman Sachs & Citigroup to cut investment banking jobs.
Credit Suisse Cuts Around 80% of Investment Banking Staff in Hong Kong, Earlier Reports of UBS & Credit Suisse to Cut Investment Banking Jobs in Asia in July 2023, Joins JP Morgan, Goldman Sachs & Citigroup to Cut Investment Banking Jobs
11th August 2023 – Credit Suisse has cut around 80% of investment banking staff in Hong Kong, with earlier reports of UBS & Credit Suisse planning to cut investment banking jobs in Asia in July 2023. Credit Suisse, which had merged into UBS (June 2023), joins JP Morgan, Goldman Sachs & Citigroup in cutting investment banking jobs. By June 2023, JP Morgan has cut 20 investment banking jobs in Asia, and Goldman Sachs had been reported to be cutting 30 investment banking jobs in Asia, and Citigroup to be cutting 50 investment banking & corporate banking jobs in United Kingdom.
UBS & Credit Suisse to Cut Investment Banking Jobs in Asia in July 2023, Joins JP Morgan, Goldman Sachs & Citigroup to Cut Investment Banking Jobs
22nd June 2023 – UBS recently-acquired Credit Suisse will be cutting investment banking jobs in Asia in July 2023, joining JP Morgan, Goldman Sachs & Citigroup in cutting investment banking jobs. JP Morgan has cut 20 investment banking jobs in Asia, and Goldman Sachs had been reported to be cutting 30 investment banking jobs in Asia, and Citigroup to be cutting 50 investment banking & corporate banking jobs in United Kingdom.
JP Morgan Cuts 20 Investment Banking Jobs in Asia, Joins Goldman Sachs in Cutting 30 Investment Banking Jobs in Asia & Citigroup to Cut 50 Investment Banking & Corporate Banking Jobs in UK
21st June 2023 – JP Morgan has cut 20 investment banking jobs in Asia (19th June 2023), joining Goldman Sachs & Citigroup in cutting investment banking jobs. Earlier in June 2023, Goldman Sachs had been reported to be cutting 30 investment banking jobs in Asia, and Citigroup to cut 50 investment banking & corporate banking jobs in United Kingdom.
Goldman Sachs to Cut 30 Investment Banking Jobs in Asia, Citigroup to Cut 50 Investment Banking & Corporate Banking Jobs in UK
15th June 2023 – Goldman Sachs has been reported to be cutting 30 investment banking jobs in Asia, and Citigroup to cut 50 investment banking & corporate banking jobs in United Kingdom.
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