UBS Group AG cut four loan syndication bankers in Asia, according to people familiar with the matter, as elevated funding costs cast a pall over the market.
The individuals, who joined as part of the 2023 takeover of Credit Suisse, left on Monday, said the people, who asked not to be identified discussing private matters.
The exits include two Singapore-based bankers: Terence Chia, head of loan syndications, and Irene Liao, an executive director on the team, the people said. Two more junior bankers based in Hong Kong also departed the bank.
A spokesperson at UBS and Chia declined to comment. Liao didn’t immediately respond to requests for comment.
Asia’s loan market has been struggling this year amid elevated dollar rates and as sluggish growth in China has dented demand. That has led to sharp competition among banks to lead deals, causing an overcrowding of loans.
Loan volumes in Asia Pacific, excluding Japan, slumped 19% to US$456 billion ($612.79 billion) year-to-date compared with the same period last year, according to Bloomberg-compiled data.
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Prior to the merger, Chia was head of Asia Pacific debt syndicate at Credit Suisse, where he spent over a decade, while Liao was a director at the Swiss bank’s loan syndication and distribution team for more than five years, according to their LinkedIn profiles.
