ubs-reduces-manpower-in-debt-syndicate

UBS reduces manpower in debt syndicate

Sam Chan is let go as part of a round of job cuts in DCM, fixed income, currencies and commodities, leaving Edwards to run debt syndicate on his own.

As part of the latest round of lay-offs announced by UBS this week, Samuel Chan has left its Asia debt syndicate, effectively halving the capacity on the desk. One source said Chan volunteered to leave. According to several other sources, the bank has also laid off what is being referred to as a small number of bankers from its debt capital markets team as well as a larger group of people across fixed income, currencies and commodities.

The layoffs took place last week, but people familiar with the process say the job cuts were part of the headcount reduction flagged by UBS in connection with its fourth quarter earnings presentation on Tuesday. In the earnings...

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