The Zurich-based bank said the job cuts will come about as the company will be "exiting business lines, predominantly those in fixed income that have been rendered uneconomical by changes in regulation and market developments ..." UBS announced several changes, calling them "a significant acceleration in the implementation of its strategy to transform the firm and create the UBS of the future." The bank will be "concentrating on its traditional strengths in advisory, research, equities, FX and precious metals."
"Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect," said CEO Sergio P. Ermotti in a statement.
UBS was bailed out by the Swiss government after it lost $42 billion during the financial crisis.
The company also released its third-quarter earnings today, which showed a net loss of $2.4 billion compared to a second-quarter profit of $456 million.