Swiss bank UBS is planning to axe around 2000 information technology jobs as part of a massive cost-cutting programme, according to local paper TagesAnzeiger.
Around half of the cuts in the bank's 8200-strong global IT workforce could come from the 3200 working in Switzerland, says the paper, citing sources.
The plan is designed to reduce UBS's technology costs from around CHF3.6 billion to CHF2.4 billion a year by 2015.
With cuts at other, unnamed divisions, also on the cards, as many as 12,700 positions across the business could go, around 20% of the entire workforce.
The IT cuts will be pushed through by CIO Michele Trogni, described to TagesAnzeiger by one insider as "a crazy woman" and by another as "an impossible woman".
The bank - which had already outlined plans for 3500 jobs losses last year - has refused to comment on the story.