UBS, the Swiss bank which has taken heavy losses due to the downturn in housing and credit markets, may eliminate about 10 percent of its workforce, according to reports.
The cuts could come across much of its investment banking and trading division, people familiar with the situation told Reuters on Tuesday. The sources say it is too early to tell how many jobs will ultimately be cut.
In a separate report, leaders of the bank's investment banking unit were told to be ready fo cuts of 10 percent across the board without citing a source. The bank currently has around 20,000 employees worldwide.
At the start of the month, the bank's chief executive Marcel Rhoner said the company would decide on job cuts, with specifics to be given at the beginning of May.
UBS has written down about $38 billion in assets linked to the mortgage and credit markets. The bank had previously announced it would cut 1,500 by the end of 2007.