Bloomberg reports that UBS, the firm cutting about 10,000 jobs, is planning to expand in Turkey as the nation’s economic growth boosts demand for assets.
'We’re working on hiring more for our investment banking team in Turkey', Gonca Gursoy Artunkal, the bank’s chief executive officer in Turkey, said Thursday in an interview in Istanbul, without giving more details on the expansion. 'We’re also waiting for the detailed capital markets regulations to be published to see whether to start asset management operations'.
UBS’s Turkey expansion plans follow the bank’s announcement in October that it will cut about 16% of its workforce in the next three years and slim down investment banking. Tougher regulation and slower markets have left investment banks worldwide jostling for market share in recent years, with companies looking to shrink unprofitable areas.
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