The bank says the savings connected to the cuts will be in the “double digit millions of francs.”
200 jobs will be cut in Switzerland, and another 300 will be let go from other offices, Reuters reported.
UBS is joining a growing list of European and American banks that are making cuts to reduced expenses.
Layoffs are being implemented across the sector in an effort to offset the increased salary costs that have come about as a result of the anti-bonus attitude that swept through banking in the wake of the crisis.
Barclays already made cuts, as has Credit Suisse. Lloyds and Royal Bank of Scotland are also set to make layoffs.
In the U.S, Morgan Stanley commenced a round of layoffs in its prime brokerage, and Goldman Sachs will also reduce headcount this summer.
NOW WATCH: Money & Markets videos
Business Insider Emails & Alerts
Site highlights each day to your inbox.