UBS will stay and invest in Asia-Pacific
By Xiao Chen |
August 24, 2011, Wednesday
|
Print Edition
Print Edition
THE Asia-Pacific region, including China, will continue to attract investment from UBS despite its plan to slash around 3,500 jobs globally, the Swiss bank's China branch said yesterday.
Switzerland's biggest bank will continue to invest in strategic growth areas and Asia-Pacific remains a growth area, Joanna Sin, executive director of corporate communications of UBS Securities Co, told Shanghai Daily yesterday.
"However, we have always been a lean organization and will continue to be diligent in cost management," Sin added.
UBS received 5.6 billion Swiss francs (US$7 billion) in net new money inflows in the second quarter, which were boosted by growing opportunities in the Asia-Pacific region and emerging markets as well as from ultra high net worth clients, the bank said in its quarterly financial report earlier.
The Swiss lender said on its website yesterday that it will eliminate expenses of around US$2.5 billion annually by the end of 2013. Its plan includes savings associated with headcount cuts of 3,500, which will be achieved through redundancies as well as natural attrition. Of the expected staff cuts, about 45 percent will come from the investment bank, 35 percent from wealth management outside Americas and retail Swiss operations, 10 percent from global asset management, and 10 percent from wealth management in the Americas region.
UBS, which is reviewing the future of its fixed income unit, joins a growing line of banks worldwide in cutting staff due to slow trading because of the debt problems in Europe and United States, as well as regulations forcing banks to hold more capital to protect them from future shocks after the 2008 global financial crisis.
Rival Credit Suisse has said it would cut around 2,000 jobs after weak trading activity and the strong Swiss franc hit its second-quarter results, and HSBC, Barclays and Goldman Sachs are also planning to cut thousands of jobs.
Switzerland's biggest bank will continue to invest in strategic growth areas and Asia-Pacific remains a growth area, Joanna Sin, executive director of corporate communications of UBS Securities Co, told Shanghai Daily yesterday.
"However, we have always been a lean organization and will continue to be diligent in cost management," Sin added.
UBS received 5.6 billion Swiss francs (US$7 billion) in net new money inflows in the second quarter, which were boosted by growing opportunities in the Asia-Pacific region and emerging markets as well as from ultra high net worth clients, the bank said in its quarterly financial report earlier.
The Swiss lender said on its website yesterday that it will eliminate expenses of around US$2.5 billion annually by the end of 2013. Its plan includes savings associated with headcount cuts of 3,500, which will be achieved through redundancies as well as natural attrition. Of the expected staff cuts, about 45 percent will come from the investment bank, 35 percent from wealth management outside Americas and retail Swiss operations, 10 percent from global asset management, and 10 percent from wealth management in the Americas region.
UBS, which is reviewing the future of its fixed income unit, joins a growing line of banks worldwide in cutting staff due to slow trading because of the debt problems in Europe and United States, as well as regulations forcing banks to hold more capital to protect them from future shocks after the 2008 global financial crisis.
Rival Credit Suisse has said it would cut around 2,000 jobs after weak trading activity and the strong Swiss franc hit its second-quarter results, and HSBC, Barclays and Goldman Sachs are also planning to cut thousands of jobs.
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