SocGen expands Japan credit business with Santander, UBS hires

SocGen expands Japan credit business with Santander, UBS hires

Société Générale and UBS Navigate Strategic Shifts in Asia-Pacific Markets

Société Générale (SocGen) has reportedly expanded its credit business in Japan through a partnership with Santander, though specific details of the collaboration remain undisclosed in publicly available documents. This move aligns with SocGen's broader strategy to strengthen its presence in Asia-Pacific markets, a region critical for growth in wealth management and corporate banking. However, the 2023 Universal Registration Document does not provide granular data on the partnership's scope or financial implications.

Meanwhile, UBS Group AG continues to streamline operations following its 2023 acquisition of Credit Suisse. The bank plans to reduce its global workforce by up to 10,000 employees by 2027, representing approximately 9% of its post-merger workforce of 110,000 as of late 2024. These cuts, primarily driven by the elimination of redundant roles and structural consolidation, have already reduced headcount by 15,000 since the merger. UBS has prioritized efficiency gains, including branch consolidations, client account migrations, and a 64% decline in risk-weighted assets within its Non-Core and Legacy division by Q3 2025.

UBS has also made strides in digital innovation, recently completing a blockchain-based cross-border repo transaction with SBI and DBS. The transaction, part of Singapore's Project Guardian initiative, demonstrated the potential of distributed ledger technology to enhance liquidity management and settlement efficiency across jurisdictions. Despite these advancements, the bank's focus remains on cost discipline, with $10 billion in gross savings achieved since 2022—77% of its $13 billion target for 2026.

While SocGen's Japan expansion highlights growth-oriented strategies, UBS's restructuring underscores the challenges of post-merger integration. Both institutions reflect broader trends in global banking, where operational efficiency and technological adoption are reshaping competitive dynamics. Investors are advised to monitor progress on cost targets, regional performance, and regulatory developments as key indicators of long-term resilience.

Source 1: Société Générale, 2023 Universal Registration Document
Source 2: UBS Group AG, job cuts and integration progress (Yahoo Finance, LinkedIn)
Source 3: UBS, SBI, and DBS blockchain transaction (UBS press release)