The Swiss bank is reportedly coming to the end of its wealth management cost-cutting drive.

UBS has completed most of the cost savings planned at its wealth management division with around 400 positions cut, Swiss newspaper Finanz und Wirtschaft reported on Saturday.

“Due to the decline in earnings, we had to intervene on the costs side,” the division’s president, Juerg Zeltner, told the paper. 

“No-one likes to do that, but the current cost/income ratio of almost 65 per cent protects the profit and gives us a better starting position.”

He was quoted as saying there could be more staffing reductions by the end of the year, though “most of it is behind us”.

Zeltner also reportedly said UBS would benefit from its Europabank plan to organise European wealth management into a single entity in one location, freeing up capital while reducing costs and complexity. 

A spokesperson for the bank could not immediately be reached for comment on the report.

UBS reported mixed wealth management results in its recent third-quarter statement. Its wealth management business excluding the Americas delivered an adjusted pre-tax profit of SFr643 million ($647 million), down SFr55 million from a year earlier. In the Americas, the unit’s pre-tax profit rose to a record $367 million.