UBS To Cut Jobs

UBS, the Swiss Banking major, has announced job cuts in its Asia-Pacific operations region.UBS is planning to cut 240 jobs in the wealth management business alone. This includes about 100 staff in Singapore, where UBS is a well known player in private banking. It is expected that fresh big job cuts are about to be announced by April 22nd.Most of the investment banking jobs are about to be cut to bring down the staff strength to 75000 this year. Swiss newspaper Sonntag has reported that the Switzerland operations will also be cut. However, UBS has said that Asia still remained a priority market and has assets worth $115 billion in Asia.