UBS dismissed employees who managed $200 - $300 million assets

UBS has laid off six private bankers in Singapore, people familiar with the matter told Reuters.

The team is known to have been managing assets of Turkish clients worth $200 - $300 million. The sources also said they were hired from Swiss rival Credit Suisse two years ago.

The company stated it had no intention to exit wealth management for Turkish clients and the removal of the team in Singapore was only a part of a group restructuring.