UBS is to cut 3,000-5,000 jobs as part of cost-saving measures to offset falling profit, while rival Swiss bank Credit Suisse may announce 1,000-2,000 cuts, Reuters reported on Sunday.
UBS plans to shed 900 jobs in Information Technology, alongside a further 2,000-4,000 layoffs in its investment bank and other central functions, the paper said.
A spokesman for UBS, scheduled to report third-quarter earnings on October 30, would not comment on the report.
