Swiss bank UBS to cut jobs

A published report says the Swiss bank UBS is preparing to cut about 400 jobs.

The Wall Street Journal reports the cuts will come in the investment banking division of UBS. It also says the bank could shed thousands of additional jobs later.

UBS has been grappling with a downturn in business for its investment banking division. The entire bank employs about 65,000 people.

Financial Times reports the bank is accelerating a retreat to its more profitable wealth management business.

It says executives of the bank were locked in a board meeting on Tuesday to hash out details of their strategy and plans. Read more.