UBS Plans to Shut its Global Banking Office in India

UBS Group AG is moving its investment banking coverage in India offshore, cutting jobs as it closes down its global banking presence in the country.

The Swiss bank plans to serve its India clients from its operations outside the South Asian nation, the people said, asking not to be identified as the information is private. Staff were informed Wednesday, they said.

Three bankers in global banking and advisory are leaving, one of the people said. Two others could potentially be transferred to Singapore in the coming months, though the plan may change, the person said. UBS will maintain its operations ...