Der Sonntag report added that UBS is planning to cut 900 jobs in information technology, with further 2,000-4,000 layoffs expected in its investment bank and other central functions.
Recently, in an interview with Swiss newspaper Finanz und Wirtschaft, UBS chief executive Sergio Ermotti said that UBS will continue to trim jobs at its investment bank to adjust to weaker markets, while various Swiss newspapers had reported in the recent weeks about UBS’s plans for big cuts at its IT department.
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Meanwhile, both the banks have declined to comment on the matter.
Major banks across the world are slashing costs as they struggle with new capital requirements, a sluggish global economy and flaccid equities trading volumes.
Over the past one year, both UBS and Credit Suisse have axed thousands of jobs in order to adapt to weak financial markets.
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