Swiss bank UBS has announced it is cutting 10,000 jobs worldwide as it slims down its investment banking activities.
The jobs will go over the next three years and amount to 16% of its current workforce of 64,000.
UBS lost 39 billion Swiss francs ($US42 billion) during the financial crisis and had to be bailed out by Swiss authorities. The cuts are aimed at saving 3.4 billion Swiss francs, the BBC reports.
UBS will focus on its private bank and a smaller investment bank, ditching much of the riskier trading business which was responsible for the bulk of its losses.
The Zurich-based bank announced the restructuring plans as it reported its results for the third quarter of the year.
The bank reported a net loss of 2.17 billion Swiss francs for the July to September period, compared with a profit of 1.02 billion Swiss francs a year earlier.
The loss was mainly due to an impairment charge of 3.1 billion Swiss francs that UBS is taking to cover the cost of the changes to its investment bank.
The bank was one of the hardest hit by the financial crisis and in 2011 lost a further 2 billion Swiss francs due to the activities of Kweku Adoboli, an alleged rogue trader.
This prompted the-then chief executive Oswald Gruebel to resign. Mr Adoboli is currently on trial for fraud and false accounting and denies the charges.