UBS already wants to expand globally into private banking. But now at least 100 jobs are reported to be at risk in Asia.
In fact, client advisors at UBS Wealth Management don’t have to worry: The combined flagship bank will also use them during the Credit Suisse (CS) merger, as the institute one day wants to manage $5 trillion of client money in private banking.
The long shadow of China
In this regard, reports from agencies are surprising “Bloomberg” (Item is subject to payment) And Reuters from Asia: According to unconfirmed reports, UBS intends to cut at least 100 jobs and eliminate asset management jobs in Hong Kong and Singapore by next November. Employees previously taken over by CS appear to have been affected; But this time it should not be primarily about reducing duplication in the company.
The move was said to reflect the bank’s attempt to address weak customer activity and weak growth in the former boom area. China’s economic performance and the impact of the huge money laundering scandal in Singapore, a favorite safe haven for wealthy Asians, indicate a slowdown in bank flows.
Is it still worth investing in growth stocks or value stocks?
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Yes, sure, the two sets of stocks always run in opposite directions.
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Yes, but always with a certain degree of caution.
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Growth and value stocks are neither inherently good or bad.
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A good combination of both is best.
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It all comes down to choice.
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