More British banking jobs were at risk today after UBS said it is to cut up to 10,000 roles worldwide in moves to shrink its investment banking arm.

The Zurich-based bank plans to reduce its headcount from 64,000 to 54,000 by 2015, with some 75% of the losses made outside Switzerland.

UBS, which has around 6,500 staff in London, said the restructuring would deliver savings of £3.5bn by 2015.

The bank, which wants to shift focus away from investment banking operations, reported a 40% slide in pre-tax operating profits to £1.5bn in the six months to June 30.