07:16 AM EDT, 03/13/2024 (MT Newswires) -- UBS (UBS) has started layoffs within its private banking division in Asia amid declining profits, Bloomberg News reported Wednesday, citing unnamed sources familiar with the matter.

One of the sources told Bloomberg that the company is planning up to 70 job cuts through the end of March, mainly in Hong Kong and Singapore.

UBS did not immediately respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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