Western financial firms, including UBS, are scaling back their operations in China and Hong Kong due to economic challenges and a slowdown in deals. UBS has closed some of its private funds in China and is laying off staff. Similarly, investment bankers in Hong Kong are facing increased job cuts as firms aim to reduce costs by trimming highly compensated staff. This trend is driven by the lagging economy in China and the high compensation levels of Hong Kong bankers compared to their peers in regions like Singapore.
Hong Kong's bankers can earn 70% more than their peers in Singapore—and that's putting them at risk of layoffs. https://t.co/FOD3ZDeKPI
Western financial firms slash operations in China as concerns about country’s lagging economy grow https://t.co/wybpG1wb1K
Souring China dreams force Western financial firms to cut costs - Reuters https://t.co/vk8yKWER5x
Hong Kong investment bankers could face more job cuts as the slowdown in China deals persists and employers look to trim highly compensated staff, a Bloomberg Intelligence report says. https://t.co/eLrjvg2Pw1
Souring China dreams force Western financial firms to cut costs https://t.co/V6bKD5dVTv https://t.co/OLAADnv2K5
Hong Kong bankers face more job cuts, according to Bloomberg Intelligence https://t.co/hpMUYOlEn0
Hong Kong investment bankers could face more job cuts as employers look to trim highly compensated staff, according to Bloomberg Intelligence https://t.co/LEv66x35SO via @business
Hong Kong investment bankers could face more job cuts as employers look to trim highly compensated staff, according to Bloomberg Intelligence https://t.co/OVhX5Hp2cH
Exclusive: UBS shuts some China private funds, will lay off staff, sources say https://t.co/G3uAqazoBz via @Reuters