Swiss bank UBS plans to slash around 3,500 jobs in a bid to save some 2 billion Swiss francs (€1.8 billion) from annual costs by the end of 2013.

The banks said of the expected 3,500 staff reductions, approximately 45 per cent will come from the investment bank, 35 per cent from the wealth management and Swiss bank unit, 10 per cent from global asset management, and 10 per cent from wealth management Americas.

Reuters