The Financial Times reports UBS plans to cut up to 10,000 jobs, or about a sixth of its global workforce.

The bank “will significantly shrink the trading side and complexity of its investment bank and as a consequence also cut thousands of jobs in its back office over the next few years,” FT.com says.

Read: Planning for the unexpected job loss

Earlier this week, the Wall Street Journal reported 400 job cuts in the investment banking division of UBS.

UBS has been grappling with a downturn in business for its investment banking division. The entire bank employs about 65,000 people.