A further round of job cuts would push the total staff reductions at UBS since the onset of the financial crisis to more than 13,500, according to media reports, although they did not specify whether cuts would affect the wealth management division of the Zurich-listed bank.

Over the weekend Swiss newspaper SonntagsZeitung reported that the investment banking arm of UBS may cut a further 4,500 jobs "in the near future."

A second Swiss newspaper, Sonntag, says 3,000 to 4,000 positions at UBS could go.

UBS declined to comment on the news stories. However, a spokesman told WealthBriefing: "In spring [2008] we announced a global headcount reduction initiative for the investment bank and all other business divisions and additional headcount cuts for the investment bank in fall [autumn]. These job cuts are fully underway. We do not comment on speculations regarding further headcount reductions. There are no such decisions."

But rather than making job cuts, UBS Wealth Management US has reportedly added 132 financial advisors who managed $14 billion in client assets as the firm continues to beef up its recruiting efforts amid brokerage industry turmoil.