Swiss bank UBS will cut 5,000 senior and management jobs in the next few weeks, according to a report.

Up to 2,500 management jobs could be cut in the company’s wealth management division, Reuters reported citing Swiss weekly SonntagsZeitung.

The report comes after newly appointed UBS chief executive Oswald Gruebel told staff in a memo on Thursday that the company would have to make additional cost cuts, including headcount, Bloomberg reported.

In the company’s annual report released Wednesday, the company said the company’s earnings will remain at risk for some time to come as its balance sheet remains exposed to illiquid and volatile markets.

The bank's Chairman Peter Kurer wrote that the recent worsening of financial conditions and factors within the bank had adversely affected its results, particularly its Investment Bank.

Financial market conditions remain fragile as household cash flows continue to deteriorate, the company said. This is also despite measures being taken by governments around the world to ease fiscal and monetary conditions, the bank noted.

Our near-term outlook remains extremely cautious, the bank said.

The company said it will continue to reduce its risk positions, its overall balance sheet size and operating costs.