UBS to review businesses as recession test looms for industry

Singapore

THE world's largest wealth manager UBS is actively reviewing certain sectors or geographies in which the bank has exposure in this region. However, its focus now is not on cutting, but on slowing the pace of hiring, said its top executive in the Asia-Pacific.

This comes as the private banking industry is about to be tested. Clients will look across their three to four accounts to see how their wealth managers fare under recessionary pressures, Edmund Koh, president of UBS Asia-Pacific, told The Business Times in an interview.