UBS, which has seen a number of top-level management changes in recent weeks and is reportedly axing 2,500 senior jobs, said it has proposed three new candidates to replace board members who are standing down next month.

The three boardroom vacancies are in addition to the position left vacant by the decision of Peter Kurer, chairman, not to stand for re-election, UBS said in a statement. The departing members are Ernesto Bertarelli, Gabrielle Kaufmann-Kohler and Joerg Wolle.

The nominees are Michel Demaré, a member of the board of ABB and long-serving senior executive at Dow Chemical; Ann Godbehere, a former chief financial officer of Swiss Re who had been asked by the UK government to act as temporary CFO of stricken UK mortgage lender of Northern Rock, and Axel Lehmann, a former chief risk officer of Zurich Financial Services.

Meanwhile, up to 2,500 management jobs could be cut in the company’s wealth management division, according to Swiss weekly SonntagsZeitung.

The report comes after newly appointed UBS chief executive Oswald Gruebel told staff in a memo last week that the company would have to make additional cost cuts, including headcount.