UBS’s core Swiss and international wealth management businesses are to bear the brunt of the job losses that should help the Swiss group save SFr4bn ($3.5bn) a year by the end of 2010.

Some 4,000 jobs will go in the wealth management and Swiss bank division, the group’s biggest unit, and 2,500 in wealth management for the Americas. Together, the cuts will account for about 65 per cent of the bank’s 10,000 planned job losses.