The struggling European lender wants to slash its cost base by an additional $1 billion.
It's just the latest statement regarding China that the bank has had to backtrack from.
The U.S. bank has a lot of revenue riding on maintaining cordial relations with China.
UBS's one-time bonuses are double the amount offered by Credit Suisse and Wells Fargo.
The move by UBS follows similar bans on global travel by peers JPMorgan Chase & Co. and Citigroup.
Global investment banks have long been sidelined in one of the world’s fastest-growing financial markets.
Michael Kim’s private equity firm has led a surge in corporate buyouts as foreign firms return to South Korea.
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