The Financial Times reports UBS plans to cut up to 10,000 jobs, or about a sixth of its global workforce.
The bank “will significantly shrink the trading side and complexity of its investment bank and as a consequence also cut thousands of jobs in its back office over the next few years,” FT.com says.
Earlier this week, the Wall Street Journal reported 400 job cuts in the investment banking division of UBS.
UBS has been grappling with a downturn in business for its investment banking division. The entire bank employs about 65,000 people.