UBS’s Asia-Pacific president signaled that most of the bank’s job cuts in the region are over as it nears the official completion of its historic merger with Credit Suisse.
This content was published on
2 minutes
Bloomberg
Do you want to read our weekly top stories? Subscribe here.
“We have optimized most of the positions both in terms of lines of business and the geography,” Edmund Koh, Asia Pacific president at UBS, said in an interview with Bloomberg Television on Tuesday. UBS is present in 13 locations in Asia Pacific and “for most of that we are done,” he said.
The Swiss lender has been cutting thousands of staff following an emergency rescue of Credit Suisse last year in a government brokered deal. The takeover is due to close officially this week, according to Koh.
“Staff attrition rate, both voluntary and involuntary, you know, was quite high,” said Koh at the UBS Investment Conference in Hong Kong. “That’s because of duplication of roles that we have eliminated.”
UBS has retained the best of both teams and has added net new assets while client retention has been “very strong,” he said.
Koh said the bank tries not to cut jobs, but roles are assessed every year based on productivity. On behalf of shareholders, it’s always right to swap for “better and more committed staff,” he said.
Clients have been putting money to work, investing in bonds, and the US market, while the China internet industry is “coming back,” said Koh.
UBS, which runs the largest private bank in Asia with about $850 billion of assets, is rebuilding in markets such as India. “It’s a good market for us, but still early days in India, still a lot of heavy lifting to do,” said Koh.
Zurich-based UBS returned to profit in the first quarter after two quarters of losses, cementing sustained progress in the integration of Credit Suisse after its rescue last year.
This content was published on
Production in Switzerland's secondary sector fell in the second quarter of 2025. The decline was more pronounced in the construction sector than for industry.
Swiss army recruits remain in hospital after gruelling test exercise
This content was published on
Four potential recruits for the elite Swiss grenadier unit were hospitalised last week after taking part in a gruelling exercise in hot weather. Three remain in hospital with one placed temporarily in an artificial coma.
University of Basel to mark 125th anniversary of Nietzsche’s death
This content was published on
This month the University of Basel is celebrating the German philosopher Friedrich Nietzsche, who was a professor there from 1869 to 1879. August 25th marks the 125th anniversary of his death.
Trump tariffs: Swiss brands struggle to adapt to 39% tariff
This content was published on
Swiss brands like Victorinox, the manufacturer of the iconic pocket knife, are struggling to adapt to the 39% tariff imposed by the United States on imports of Swiss goods.
Fish and aquatic plants are under ‘severe pressure’ in Swiss rivers and lakes
This content was published on
Fish, aquatic plants and other animals in Swiss rivers, lakes and streams remain under 'severe pressure', according to the Federal Office for the Environment.
Swatch withdraws ‘slanted eyes’ ad after China uproar
This content was published on
The Swiss watch manufacturer Swatch has apologised and withdrawn an advertising campaign worldwide following accusations of racism in China. The ad features a model pulling the corners of his eyes.
Police identify bodies of three climbers who died in Swiss Alps
This content was published on
Police have formally identified the bodies of three climbers who died in the Upper Valais region in early August: they are from Germany, France and Austria.
Bern exhibition reunites Kirchner paintings after 92 years
This content was published on
The painting Sonntag der Bergbauern (Alpsonntag) [Sunday of the Mountain Farmers (Alp Sunday) by Ernst Ludwig Kirchner (1880-1938) is being transferred from Berlin to Bern to feature in an upcoming exhibition at Kunstmuseum Bern.
Voters approve extension of Engadine Airport in Switzerland
This content was published on
Residents in the Upper Engadine region gave the greenlight on Sunday to the expansion of the regional airport at Samedan, one of Europe’s highest airports (1,707 metres) that serves the nearby resorts of St Moritz and Davos.
Private equity group Advent to buy U-Blox for $1.3 billion
This content was published on
Private equity group Advent International has agreed to take over Switzerland's U-Blox Holding in a cash offer worth CHF1.05 billion ($1.30 billion).
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.