UBS Group AG has reduced its sustainability office in Asia by half over recent months, according to sources familiar with the matter. The headcount reductions form part of a broader global restructuring of the Zurich-based lender’s environmental, social, and governance (ESG) functions following its integration of Credit Suisse.
The bank’s seven-person Asia team has been scaled back to three employees. The departures include four staff members in Hong Kong and Singapore, two of whom held executive director roles. Globally, the workforce within the chief sustainability office has contracted to approximately 35 employees, down from more than 100 in mid-2023.
A spokesperson for UBS declined to comment on the specific job cuts but stated that the firm is changing its operational approach to ESG issues. The spokesperson noted that the bank’s ambition to position itself as a leader in sustainability remains unchanged, adding that the firm is embedding sustainability across the group to enhance productivity, avoid duplication, and streamline client delivery.
Parallel to the structural changes, Brendan Tu, the Asia-Pacific head of AI and Sustainable Markets Advisory, has resigned to pursue an external opportunity. According to an internal memo confirmed by the bank, he will be succeeded by Mathieu Brand, who will maintain his existing global industries coverage alongside the new responsibilities.
The staff reductions in Asia included Executive Directors Esther Tsang and Fang Zhu, as well as Associate Directors Samantha So and Umadevi Dassaye. The regional head of Group Sustainability and Impact, Valerie Lau, left the firm in September. The remaining three-person regional team includes Tasos Zavitsanakis, former APAC co-head of sustainable finance, and Associate Director Aubin Huret.
The restructuring at UBS extends across multiple specialised sustainability divisions within the financial institution:
- Research and thought leadership: The bank dismantled its five-person Sustainability and Impact Institute team in December 2024.
- Data analytics: A 10-person ESG data team has been reduced to a single staff member, with remaining researchers reassigned to other departments.
- Philanthropy and social impact: Headcount in this division has declined to around 86 employees from approximately 150 prior to the Credit Suisse integration, though at least 40 staff were redeployed internally.
The regional impact of the restructuring has been uneven. Whilst staff in Asia were let go, UBS redeployed approximately a dozen affected employees in London and Zurich into alternative roles within the chief operating office, marketing, and government affairs teams.
The contraction at UBS reflects a broader trend among global investment banks, which have scaled back dedicated ESG financial strategies in response to shifting political landscapes and stricter regulatory environments, particularly in the United States. Notable market shifts include Goldman Sachs Group Inc. removing specific diversity targets from regulatory filings, HSBC Holdings Plc adjusting its emissions reduction timelines, and UBS exiting the Net Zero Banking Alliance.
Despite the reduction in dedicated staff, UBS reported operational progress in its latest corporate disclosures. The bank lowered greenhouse gas emissions from its internal operations and electricity consumption by 48 per cent last year compared to its 2023 baseline. Additionally, the firm exceeded its £1 billion philanthropic funding target ahead of schedule, reaching an estimated 26.5 million beneficiaries.
