Swiss bank UBS has said it will cut 2,000 investment banking jobs and will reorganise the unit after being hard hit by sub-prime losses.
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A day earlier the bank said it expected a profit for the third quarter despite recent market volatility.
The firm has been one the European finance houses to be hardest hit by the problems in the US housing market.
The Swiss banking giant has seen write-downs of more than $42.5bn (Ј23.9bn)following the sub-prime crisis.
The 2,000 job cuts in investment banking, will bring staff to around 17,000 by the end of the year, representing a cut of some 6,000 "since the peak in third quarter 2007", a UBS statement said.
The move would enable the bank to cut costs to a "more sustainable level" as well as "position our core businesses for growth once fundamentals improve," said Jerker Johansson, chief executive of the firm's investment bank.
The changes include the decision that its investment unit would cease dealing in commodities except for precious metals.
The reorganisation has stemmed from "the ongoing crisis in the financial markets and dramatically changed industry dynamics", it said.
(BBC)
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