UBS to cut 100 jobs in Asia, Chargebee lays off 10% workforce

UBS Group AG is cutting Asia wealth-management jobs in the low hundreds, just months after completing its takeover of rival Credit Suisse as the bank responds to muted client activity and China’s slowing economy.

According to various media reports, UBS plans to cut a minimum of 100 positions, including roles such as relationship managers in Hong Kong and Singapore.

The bank is eliminating the roles in Hong Kong and Singapore, responding to a downturn in client activity as economies in the region slow. However, the company has yet to comment on the layoff. Moreover, the layoffs may not include employees from India.

Chargebee layoff 10% of workforce

According to reports of Inc42, Chennai-based leading Revenue Growth Management (RGM) platform, Chargebee laid off about 10% of its global workforce. This will affect employees between 100 to 120 from various departments.

In a blogpost, CEO Subramanian said, “To position Chargebee for its next phase of efficient growth, and with the technology and market shifts underway across the industry, it is critical that we set up the organization to focus on fewer priorities, with a greater emphasis on our customers’ experience and our core products.”  

“The company will provide severance packages in accordance with the relevant labor laws in each country,” he added.

Layoff 2022-23 Update

The move of layoffs is part of a larger trend of tech companies cutting jobs and slowing hiring as investors become increasingly fearful of a recession. Tech companies have either frozen the hiring process or laid off many employees. 

Earlier, The companies including Amazon sacked 27,000 employees in the last three months. Moreover, The major companies that laid off employees include Infosys, Amazon, Google, Byju’s, Wipro, and Salesforce laid off a maximum number of workers globally.

So far in 2023, there have been 1,529 layoffs at tech companies with 350,660 people impacted (1,375 people per day).

In 2022, there were 1,557 layoffs at tech companies w/ 243,318 people impacted (667 people per day).