(Bloomberg) – UBS Group Ag has ordered bankers to stop flying in executive class on short trips to China, seeking to align their global travel policy and reduce costs in Asia in the middle of a slow treatment, according to people familiar with the matter.

The bankers dedicated to China are no longer exempt from guidelines that limit the business class to flights of more than five hours, a policy that has been applied to other countries for years, people said, asking not to be identified discussing a private matter. A representative of the Swiss bank declined to comment.

The change occurs as the activity of business and capital markets in China have slowed down significantly in increasing commercial tensions with the United States. Greater China has been a key growth promoter and the largest profit taxpayer to the company’s Asian business.

China -centered bankers partly received the business class privilege on short flights because rates are generally lower than in other markets at similar distances, said one of the people. The flight from Hong Kong to Shanghai, for example, is just under three hours and sometimes costs less than $ 500 in a way for the executive class.

UBS reduced more than 10,000 jobs and reduced costs after its acquisition of Credit Swiss last year. The bank said in February that it has achieved $ 7.5 billion of the $ 13 billion in total savings that seeks to extract from the acquisition.

IQBAL Khan now leads Asia’s operations from the Swiss Bank from Hong Kong, where it is also the world management management worldwide. UBS received regulatory approval in March to take total control of UBS Securities Co., ending the bank’s impulse for the total property of the Chinese unit.

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