UBS is set to axe around 2,000 jobs in information technology.

[link to economictimes.indiatimes.com]

ZURICH: UBS is set to axe around 2,000 jobs in information technology as part of a larger cost-cutting programme, a Swiss newspaper said on Saturday, citing sources close to the bank.

The job cuts, which are still being hammered out, would come alongside an undisclosed number of further job cuts from UBS business units, Tages-Anzeiger reported.

UBS's main business arms are a flagship private bank for the wealthy and an investment bank. According to Tages-Anzeiger, IT staffers fear that UBS could ultimately shed as many as 20 per cent of overall jobs, which would translate to cuts of more than 12,000 people in total.

A spokesman for UBS on Saturday declined to comment on potential job cuts in IT or elsewhere.