UBS wealth management starts job cull in Asia and Europe

UBS wealth management has started to axe jobs in its Europe and Asia divisions, with up to 20% of its workforce in European regions and management layers in Asia affected, according to Bloomberg. UBS has not said how many employees will be affected, but it's likely to be about 500, people familiar with the matter told the news wire. The US and Switzerland are likely to be less affected by restructuring of the unit, one person said. The round of cuts will affect staff at every level, from managing directors to assistants. In December, UBS announced it would dismantle its ultra-high ...