UBS Plans to Shut its Global Banking Office in India
The Swiss bank plans to serve its India clients from its operations outside the South Asian nation.
(Bloomberg) -- UBS Group AG is moving its investment banking coverage in India offshore, cutting jobs as it closes down its global banking presence in the country.
The Swiss bank plans to serve its India clients from its operations outside the South Asian nation, the people said, asking not to be identified as the information is private. Staff were informed Wednesday, they said.
Three bankers in global banking and advisory are leaving, one of the people said. Two others could potentially be transferred to Singapore in the coming months, though the plan may change, the person said. UBS will maintain its operations in global markets and research in India, people familiar with the matter said.
UBS remains committed to its business in India and retains a significant presence onshore and in the region, a spokesperson for the bank said.
The moves come as the Swiss lender is making changes in other geographies. It is retreating from its South African investment-banking operations, with around eight bankers leaving, Bloomberg News reported on Friday.
UBS’s surprise jump in profit in the last quarter was fueled by wealth-management fees rising the most in three years. Its pivot to wealth management over the past decade has left it with a smaller investment bank than U.S. rivals but one that has maintained high levels of profitability.
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