Zurich, June 18: UBS AG will cut its investment banking workforce by about 3 per cent as revenues from equities trading and other investment banking activities have slumped, the world's sixth-largest bank said on Wednesday. The roughly 500 jobs will be cut across all regions and various functions at the bank's investment bank which was until recently known as UBS Warburg and now employs around 16,000.

A UBS spokesman in London did not rule out further job cuts at the bank should the market environment not improve.
"As a matter of course we review our cost structure and staffing needs and levels," he said.
But the spokesman added UBS would continue to add staff in some areas, such as in the United States, where UBS is trying to join the coveted group of "bulge bracket" investment banks operating in the top tier segment, and in the fixed-income area, which has boomed of late.
UBS reported a 6 per cent drop in investment banking revenues to 894 million Swiss francs ($685 million) in the first quarter as the slump in global equity markets took its toll. Bureau Report