Swiss – based wealth management and investment bank UBS announced on Tuesday it would cut 3,500 jobs, which is more than 5 percent of its staff. This measure aims at cutting costs during turbulent times. Rumor had it that the bank was initially to axe 5,000 jobs.

Of the expected 3,500 staff reductions, approximately 45 percent will come from the Investment Bank, 35 percent from Wealth Management & Swiss Bank, 10 percent from Global Asset Management, and 10 percent from Wealth Management Americas, according to the bank.

“The measures announced today are designed to improve operating efficiency. UBS will continue to be vigilant in managing its cost base while remaining committed to investing in growth areas,” according to UBS.

The full announcement from UBS here.

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(Photo source: UBS)