UBS Is Said to Cut Asset-Management Jobs Amid Pivot to China
- Firm redirects resources to passive products, sustainability
- At least 100 jobs said to have been eliminated already
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UBS Group AG’s asset-management head Ulrich Koerner is adding job cuts to a raft of initiatives intended to turn around the 792 billion-franc ($807 billion) business.
The Swiss bank is trimming jobs as it focuses on growth in China and lower-margin passive and sustainable investing, according to people with knowledge of the matter. The unit eliminated at least 100 positions in areas including distribution during recent months, one of the people said, asking not to be identified because the cuts are private.