UBS’s chief technology officer, Peter Sany, has left the Swiss banking and wealth management firm with immediate effect, according to Dow Jones.

The news service said UBS gave few details on the reason for Mr Sany’s departure other than to state that it had been Mr Sany's decision. He had been a member UBS's group managing board, the second tier of bank executives below the highest management level.

Under new chief executive Oswald Gruebel, UBS has been cutting costs by pooling services such as information technology. A spokesman declined to comment on a possible link between the two factors, the report said.

Mr Sany recently joined UBS from Deutsche Telekom.