UBS Group AG (UBS)
After hours:
- Reuters
Exclusive-UBS shuts some China private funds, will lay off staff, sources say
UBS is shutting down some of its China private funds business and will lay off one-third of the staff as the Swiss bank cuts operating costs in the country, said three sources with direct knowledge of the matter. UBS will shut up to 17 of its equity and bond private funds and return the money to the investors, out of 19 funds launched since the private fund management unit started in 2016, said two of the three sources. In China, private funds are equivalent to hedge funds and private equity funds, serving high net worth and institutional investors.
- Reuters
UBS plans next round of layoffs in Credit Suisse integration, Bloomberg News reports
The layoffs are scheduled to take place in the upcoming weeks, the report said, citing people with knowledge of the matter, adding that the job cuts are expected in the wealth management and markets units. UBS' takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged by Swiss authorities in March 2023 to avert Credit Suisse's collapse.
- Bloomberg
UBS, Nomura Battle to Win Rates Sales to Europe’s Ultra Rich
(Bloomberg) -- UBS Group AG and Nomura Holdings Inc. are making a push to sell sophisticated fixed-income products to the ultra wealthy in Europe, competing against firms such as BNP Paribas SA.Most Read from BloombergDubai Grinds to Standstill as Cloud Seeding Worsens FloodingChina Tells Iran Cooperation Will Last After Attack on IsraelWhat If Fed Rate Hikes Are Actually Sparking US Economic Boom?Tesla Asks Investors to Approve Musk’s $56 Billion Pay AgainPowell Signals Rate-Cut Delay After Run
