UBS is preparing to cut more than half the 45,000 staff it inherited from the takeover of stricken rival Credit Suisse.
Credit Suisse offices in London are expected to be among of the worst hit as UBS seeks to protect operations in Switzerland.
Insiders have indicated that between 30,000 and 35,000 staff are likely to leave the combined organisation this year in three rounds of cuts beginning in July.
Credit Suisse employees will bear the brunt of the cuts, with about 25,000 posts held by its staff before the takeover expected to be removed.
