Republished with full copyright permissions from The San Francisco Press.

Last week, Credit Suisse’s American investment bankers faced the ax, as the newly acquired UBS Group AG solidified its plans to overhaul its operations. While the scale of these cuts remains undisclosed, the impact is already reverberating, particularly in Houston, where jobs were eliminated, potentially affecting the local economy. However, UBS’s ambitions to become a major player in dealmaking on the Western side of the globe necessitates some strategic changes. Conversely, when UBS turns its gaze to the Asian markets, it appears that the picture is far less promising.

According to recent reports, UBS is considering cutting approximately two-thirds of Credit Suisse’s investment bankers in the Asia-Pacific region, affecting approximately 200 jobs within the next few months. Hong Kong, which accounts for a significant portion of Credit Suisse’s investment bankers in Asia, will experience substantial downsizing, with only a handful of employees aligning with UBS’s dealmaking objectives being retained. As part of this integration, many of the existing investment banking teams in Hong Kong will only retain one or two staff members, while certain sector coverage teams may be completely eliminated. Those bankers fortunate enough to be spared will predominantly focus on mergers and acquisitions.

Despite the challenging landscape for investment banking professionals in Hong Kong, Steve Cohen’s Point72 Asset Management presents job prospects for those considering a move to Singapore or Tokyo. Point72 has expanded its Singapore team by over 50% since early 2022, employing 100 individuals. This expansion has been particularly prominent over the past year and is anticipated to continue. Cohen intends to grow his team in Tokyo by about 20%, further bolstering Point72’s presence in the region.

While UBS’s restructuring plans have garnered attention, it is important to note that the private sector has been adding jobs at a notable pace. According to ADP, in July alone, the private sector added 324,000 jobs, surpassing expectations. This positive trend suggests opportunities for fresh talent in both Singapore and Hong Kong, as global firms maintain positive returns.