The Swiss bank is responding to sluggish deal revenue by paring back its teams in both Asia financial centers, «IFR» reported, citing undisclosed sources.

While two dozen positions are initially in focus, the cuts could total as many as 20 bankers, one source said. UBS in Hong Kong declined to comment to the newswire. The cuts are likely to hit mid-level staff hardest, but will also include several bankers at the rank of Managing Director.

The move comes against the backdrop of a cooling in the wider region as well as increasing competition from local players such as Chinese firms. Asian equity markets have slumped in the first nine months of this year, and Asia has fallen to fourth place from second in equity capital market activity.