Swiss bank UBS to cut 100 jobs in Singapore
SINGAPORE : Swiss bank UBS is laying off 100 staff in Singapore, as part of efforts to cut costs.
The bank is shedding 240 jobs altogether in Asia Pacific, all from its wealth management group, across all levels and functions.
UBS said this represents less than 3 per cent of the bank’s total staff in the region.
Despite the move, UBS said Asia Pacific remains a strategic priority for the group, and a region in which it will continue to invest.
But a slowdown in the global economy and the challenging economic conditions have prompted a renewed focus on the management of costs. This includes staffing-related costs, as a last resort.
The bank said affected employees will receive severance packages.
UBS has been struggling to recover from the US sub-prime home loan crisis and the ensuing financial fallout.
The bank earlier reported that for 2008, it made a full-year loss of almost US$18 billion – the biggest loss in Swiss corporate history.
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