UBS Asset Management Shanghai To Close Around 17 Equity & Bond Private Market Funds in China & to Cut Around 33% of 50 Workforce

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UBS Asset Management Shanghai To Close Around 17 Equity & Bond Private Market Funds in China & to Cut Around 33% of 50 Workforce

20th April 2024 | Hong Kong

UBS Asset Management Shanghai has been reported to be closing around 17 equity & bond private market funds in China, and to cut around 33% of 50 UBS Asset Management Shanghai workforce.  UBS is planning also for more job cuts in Investment Banking, Wealth Management & Global Markets, after report of jobs cut in February 2024 in UBS 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).  

“ UBS Asset Management Shanghai To Close Around 17 Equity & Bond Private Market Funds in China & to Cut Around 33% of 50 Workforce “

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UBS Plans More Job Cuts in Investment Banking, Wealth Management & Global Markets, UBS Reported in February 2024 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

20th April 2024 – UBS is planning for more job cuts in Investment Banking, Wealth Management & Global Markets, after report of jobs cut in February 2024 in UBS 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).

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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