UBS cuts 240 wealth management jobs in Asia-Pacific

The job losses are primarily in Hong Kong and Singapore where most of the Swiss firm's private bankers are located.

UBS Wealth Management said yesterday that it is cutting approximately 240 jobs in the Asia-Pacific region.

That amounts to about 7.5% of UBS's wealth management staff in Asia-Pacific, or about 3% of UBS's employees out here. The cuts have been taking place this week, and insiders say they expect they will continue to happen throughout the week.

While even the bankers in the wealth management division don't know who exactly will be let go, they note...

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