UBS and Credit Suisse, which are due to report quarterly results in coming days, are due to announce job cuts to protect profit margins, Swiss media said.

UBS and Credit Suisse, which are due to report quarterly
results in coming days, are due to announce job cuts to protect profit margins,
according to Der Sonntag.

Zurich-listed UBS is to shed 3,000-5,000 jobs, while Credit
Suisse may announce cuts of between 1,000 and 2,000 jobs, the newspaper
reported, according to a translation by Reuters.
UBS plans to shed 900 jobs in information technology, alongside a further
2,000-4,000 layoffs in its investment bank and other central functions, the
paper said. The news agency said UBS declined to comment.

Both banks – Switzerland’s
largest – have been streamlining operations in recent months and adapting to a
chillier climate for Switzerland’s
banking market. At UBS, for example, the bank has moved to cut the risk
exposures of its investment bank and place more focus on its flagship wealth
management arm. Credit Suisse recently agreed to sell its Clariden Leu (Europe) business to Falcon Private Bank.

UBS reports quarterly results on 30 October.

However, a report by the SonntagsZeitung
paper said Credit Suisse will not announce cuts or other measures until it
issues results on 25 October.

Credit Suisse declined to comment on the reports, Reuters said. Earlier this year, the
firm announced an additional SFr1 billion of cost cuts.