Results 1 to 7 of 7

Thread: UBS lays off Singapore team.

  1. #1
    Senior Member melvin's Avatar
    Join Date
    Jun 2005
    Location
    TPY
    Posts
    2,681

    Exclamation UBS lays off Singapore team.

    UBS lays off Singapore team serving rich Turks-sources

    SINGAPORE, March 23 - UBS <UBSN.VX>, the world's biggest wealth manager, has axed a team of six private bankers in Singapore, who were managing wealth for Turkish clients, sources familiar with the situation told Reuters on Monday.

    UBS is struggling after losing billions in the risky U.S. housing market, which forced it to obtain financial aid from the Swiss government.

    The Singapore team was managing clients' assets worth between $200 million to $300 million and was hired from Swiss rival Credit Suisse <CSGN.VX> two years ago, a source briefed on the situation said.

    Singapore acts as an offshore booking centre for UBS' clients from Asia and Europe.

    A second source said the firm has no plans to exit wealth management for Turkish clients despite the removal of the team in Singapore, which was done as part of a group restructuring.

    "Like any organisation, UBS continually reviews its strategic needs and resources the businesses according to the environment and its outlook," a UBS spokeswoman said in a statement.

    "Asia Pacific remains a strategic priority for UBS, and a region in which the group will continue to invest," she said. UBS declined comment on the layoffs. (Reporting by Jan Dahinten and Saeed Azhar; Editing by Anshuman Daga)

  2. #2
    Senior Member +evenstar's Avatar
    Join Date
    Jan 2004
    Location
    Singapore / United Kingdom
    Posts
    5,655

    Default Re: UBS lays off Singapore team.

    you can simply post the link and your views on the topic, instead of copying and pasting the whole article. this is Kopitiam, not News Section
    eat. drink. shoot

  3. #3
    Member
    Join Date
    May 2007
    Location
    Northern California
    Posts
    1,644

    Default Re: UBS lays off Singapore team.

    Supposedly, they're also holding secret accounts for wealthy U.S. citizens and helping them to avoid paying taxes. Then again, what bank in Switzerland doesn't have secret accounts, right?

  4. #4
    Senior Member Big Kahuna's Avatar
    Join Date
    Dec 2004
    Location
    Singapore, Singapore, Singapor
    Posts
    2,127

    Default Re: UBS lays off Singapore team.

    U from UBS? Why concern?

  5. #5
    Senior Member melvin's Avatar
    Join Date
    Jun 2005
    Location
    TPY
    Posts
    2,681

    Default Re: UBS lays off Singapore team.

    Was supprised to see a team of singaporean working there n managing huge sums for the rich ma!

  6. #6

    Default Re: UBS lays off Singapore team.

    Quote Originally Posted by melvin View Post
    Was supprised to see a team of singaporean working there n managing huge sums for the rich ma!
    Nothing is impossible in this world.

  7. #7
    Senior Member Big Kahuna's Avatar
    Join Date
    Dec 2004
    Location
    Singapore, Singapore, Singapor
    Posts
    2,127

    Default Re: UBS lays off Singapore team.

    Quote Originally Posted by melvin View Post
    Was supprised to see a team of singaporean working there n managing huge sums for the rich ma!
    Like that this is a tip of an iceberg lor....there are many more rich people around that remain anonymous

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •