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UBS to slash up to 10,000 jobs

  • Swiss bank UBS is expected to make up to 10,000 job cuts, equal to around 16 percent of its workforce.

    The move comes on the back of depreciating revenue and increasing capital requirements, according to source familiar with the matter.

    The decision is set to be on of the largest layoffs by a bank since the financial crisis.

    Switzerland's biggest bank is likely to make the cuts across the firm globally, with the majority of the losses to occur in its trading and investment banking divisions.

    Last year, UBS announced it would cut more than 5 percent of its workforce, or about 3,500 jobs. The new cuts are believed to replace that target.

    UBS, which employs more than 60,000 people, is likely to provide details of the cuts when it reports its third-quarter results on October 30.