UBS is to cut 7.5% of its IT staff worldwide in an effort to reduce annual running costs.
The giant Swiss bank says the cuts will hit some 500 of its global IT workforce of 8,700. The axe will fall on 200 of its 3,500 Swiss staff, and 300 other tech positions worldwide. One hundred and eighty jobs are likely to go in the US, with the remaining job cuts falling in the UK and Asia Pacific.
Confirming a report in the Italian-language paper La Regione Ticino, a UBS spokesman told Reuters that many of the staff concerned had already been informed of their release.
A source with knowledge of the matter told the newswire the cuts would save the bank "in the double digit millions" of francs per year in staff costs.