Major Swiss bank UBS could lose 30 per cent of its staff and over the next decade because of technological advances, according to chief executive Sergio Ermotti.
UBS, one of the world's largest managers of private wealth, currently employs nearly 95,000 people around the world, including external contractors.
"We see a lot of contraction in the number of people in our industry," he told the magazine Bloomberg Markets in an interview that was published on Tuesday.
Technology would reduce costs by allowing staffers to serve 100 instead of 50 clients.
"You can have 30 per cent less, but the jobs are going to be much more interesting jobs, where the human content is crucial to the delivery of the service," Ermotti said.
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