SWISS banking giant UBS is expected to announce up to 10,000 job cuts in a deep new round of cost cutting as it battles to keep expenses under control to shore up profits in weak market conditions.
The bank is one of many which is shrinking its balance sheets in response to new capital regulations, while weak market conditions have also hurt revenues in its securities arm.
It is expected to focus instead on the wealth management and private banking businesses, where it has had more success than many of its closest rivals in recent years.
After weeks of speculation about the bank’s plans to keep costs under control, reports suggest the bank could be looking to cut up to 10,000 jobs, or 16 per cent of its workforce.
That is likely to replace the previous 3,500 target announced last year.
Many of these are likely to fall in London rather than UBS’ Swiss headquarters.
The bank declined to comment on the plans.