The job reductions are likely to take place before the end of 2012; they will account for around 17 per cent of staff within the region’s investment banking division and include junior and senior bankers, the news service said.

The Zurich-listed firm declined to comment on the matter when contacted by WealthBriefing.

As previously reported here and elsewhere, UBS, like many of its peers, is looking to reduce risk exposures via its investment banking arm, having suffered crushing losses during the 2008 credit market crisis. UBS has stated its intention to put more emphasis on its wealth management arm, while it has also reiterated its commitment to the integrated banking model.