The Swiss banking giant UBS is cutting down on external software developers in moves which may result in the number of developers falling from about 200 to only a few, according to a Swiss media report.

Following recent rumours about such cuts, Computerworld, a Swiss news service for the IT industry, quotes “well-informed sources” saying that the cuts are intended to end the dependency on too many firms, which may endanger new software projects.

Software development at UBS has so far not been very centralised, with project heads being able to decide for themselves which software firm they would like to see developing their software, Computerworld said.

At the time of publication, UBS had not commented to WealthBriefing on this report.

According to the report, the Swiss IT companies Adnovum and Netcetera are among those chosen by UBS.