UBS , the world's biggest banker for the rich, will cut 240 jobs in Asia-Pacific across all business lines as part of a global cost cutting exercise, the bank said on Tuesday.

Banking sources had told Reuters earlier that the cuts would be made across business functions and staff levels and included 100 redundancies in Singapore, where it is a strong player in private banking.

The cuts come two months after the Zurich-based bank brought former Credit Suisse boss Oswald Gruebel out of retirement to be installed as its new chief executive. He has recently signaled that further cost cuts would be inevitable.

A UBS spokeswoman in Singapore said the cuts were equivalent to about 3 percent of its staff in Asia.

(Reporting by Saeed Azhar; Editing by Jan Dahinten)