London staff shut out as bank plans 10,000 job cuts

Zurich-based UBS wants to reduce its headcount to 54,000 by 2015 with 2,500 going in Switzerland and there are fears London and New York would see thousands going as well.

But for about 100 traders trying to get into the bank's offices near Liverpool Street station it was apparently "early doors" as they tried to gain access.

A UBS spokeswoman told the Morning Star the bank was not making any official comment about the passes and had not specified possible job loss figures in other areas apart from Switzerland.

UBS has around 6,500 staff in London, around two-thirds of whom work in investment banking, which the bank is looking to trim over the next three years.

The bank, which has offices in 50 countries and all major financial centres, wants to concentrate on its "traditional" strengths - activities such as equities, foreign exchange and precious metals.

The move will result in savings of £3.5 billion and follows a 40 per cent drop in pre-tax operating profits to £1.5bn in the first half of 2012.

Group chief executive Sergio Ermotti said: "Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect.

Former UBS banker Kweku Adoboli denied being a rogue trader this week when he lost the bank £1.4 bn.

The 32-year-old is currently on trial accused of gambling away the money while working for UBS during the global financial crisis.