JPM starts new round of layoffs

JPMorgan has started a new round of layoffs in Asia, cutting at least seven more investment-banking jobs, according to people familiar with the matter.

The New York-based bank initiated the reductions this week, impacting mostly staff at vice president and associate levels in sectors including consumer, energy and health care, the people said, asking not to be identified discussing a private matter.

UBS stunned investors with a US$1.8 billion (HK$14.07 billion) first-quarter profit yesterday, saying it was sticking with share buybacks, easing concerns about Swiss plans to hike capital requirements. Shares in Switzerland's biggest bank jumped as much as 10 percent and were on track for their biggest one-day gain since March 2023, when authorities orchestrated its rescue of Credit Suisse

In other news, China tightened rules for hedge funds, raising the minimum-asset threshold of the 5.5 trillion yuan (HK$5.96 trillion) industry while imposing restrictions on the use of derivatives and leverage.

Private securities investment funds need to raise at least 10 million yuan initially to set up, and maintain a minimum 5 million yuan in assets or face liquidation, according to new rules published by the Asset Management Association of China on April 30, after toning down a draft version that fueled concerns about the impact on small players.