Financial services firm UBS has admitted that it plans to slash 500 IT jobs from its global operation.
The bank has recently reviewed its "internal processes in order to improve efficiency and optimise costs", and decided its IT division needed to be leaner and more agile.
The 500 make up 5.5 per cent of the total IT staff of 8,700.
Of the 500 positions that will be lost, 200 are based in Switzerland, but UBS was unwilling to say how many of them are based in the UK.
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