UBS is drawing up plans to slash a further 4,500 jobs, according to reports in Switzerland.

The latest round of cuts would push the total job losses at the investment bank since the onset of the financial crisis to more than 13,500.

A spokesman for UBS refused to be drawn on the latest reports. He said that the bank didn’t comment on speculation regarding further headcount reductions.

Over the weekend Swiss newspaper SonntagsZeitung reported that UBS may cut a further 4,500 jobs “in the near future”. A second Swiss newspaper, Sonntag, says 3,000 to 4,000 positions could go.

Last week, Credit Suisse announced that it was to cut 5,300 staff – 11pc of its workforce – including 650 jobs in London. A further 1,200 jobs are to go at Dresdner Kleinwort and 1,000 at Nomura.

Daily Telegraph