UBS is closing four of its wealth management offices in France, the Zurich-listed bank and wealth management giant confirmed to WealthBriefing, but it declined to comment on a media report that 90 staff positions will be affected by the move.

UBS is closing branches in Aix-en-Provence, Cannes, Lille and Toulouse.

A report in Le Temps said that UBS will not, despite its cutbacks, abandon the asset management business in France, however.

UBS, which has been hit by about $49 billion in write-downs from the credit crunch, has announced large job cuts across its global operations and business divisions, reducing, as previously reported, its global headcount from 77,500 at year-end 2008 to 67,500.

Following its announcement of first quarter results on 5 May, UBS said in a presentation it expects to incur SFr650 million (around $575 million) of restructuring charges and severance costs in the second quarter of 2009, having already booked SFr184 million in Q1.