UBS is seeking to trim down its staff strength by laying off 500 technical employees, The Wall Street Journal reports. The move is a measure to cut running costs. Around 5.5% of the Swiss bank's IT staff of 8,700 will be asked to leave.

The dismissal comprises 200 specialists in Switzerland, 180 in U.S. and the remaining in U.K. and Asia. Of the total staff to be cut, 40 will retire early. Some of the employees will be transferred to other positions within UBS, adds Reuters.

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