Swiss bank UBS Group AG is cutting jobs at its asset management unit while it focuses on growth in China along with passive and sustainable investing, Bloom-berg said on Wednesday. The smallest of UBS's operating divisions is said to have cut at least 100 positions over recent months, Bloomberg said, citing sources, in areas including distribution.
Around 30 of these job cuts took place in the United States, with many in New York, the media company said. The asset-management unit had 2,361 employees at the end of March, Bloomberg said, citing UBS filings. We don't comment on adjustments that we make over time and are focused on serving the needs of our clients, growing our business and improving efficiency," a UBS spokesperson said in a statement. Late last year, UBS' chief executive Sergio Ermotti said the bank could shed almost 30,000 workers in the years ahead due to technological advances in the banking industry.