NEW YORK (
) -- Swiss banking giant
is planning a major restructuring of its investment banking business that will entail some 10,000 job cuts across the bank, according to media reports in recent days.
The bank's board plans to meet Monday to decide on the plan,
The Wall Street Journal
reported Sunday, citing anonymous sources familiar with the matter.
The 10,000 job cuts would take place over the next three to five years, the
reported, adding that the bulk of them would be in UBS's investment banking unit.
had reported earlier that the bank was weighing 10,000 job cuts as part of a restructuring that would shrink its trading operations and investment banking business.
On Sunday, the
reported that under the plan, Carsten Kengeter, currently co-head of UBS's investment bank, will be in charge of businesses the bank plans to wind down and exit. Among those are trading businesses, particularly in fixed income, the newspaper said.
Meanwhile, Kengeter's co-head, Andrea Orcel, would lead the businesses the bank plans to stay in, the
If the board approves the plan, it will be announced when UBS reports third-quarter financial results on Tuesday, the
In August 2011, UBS announced
in an effort to eliminate expenses of 2 billion Swiss francs ($2.54 billion) a year by the end of 2013.
Shares of UBS closed Friday down 5 cents at $13.19.
This article was written by a staff member of TheStreet.