Switzerland’s biggest bank UBS is to axe 3,500 jobs to shave two billion Swiss francs off annual costs as it joins rival investment banks in reversing the post-crisis hiring binge and preparing for a tough few years.

UBS said almost half the cuts would be in investment banking. When it posted weak second-quarter profits last month it said it would cut jobs. UBS has been grappling with rising regulatory costs and a red-hot Swiss franc. – (Reuters)