As per the internal documents that the paper claims to have inspected, UBS' IT annual budget is 3.6 billion francs today & the objective of the cost-cutting is to reduce it to 2.35 billion francs by 2015.
The IT division of UBS has around 8,200 (permanent) jobs - 3,200 of them in Switzerland.
The necessity of layoffs arises from the fact that staff costs comprise 50% or more of the IT budget!
The newspaper also makes the explosive claim that UBS could layoff more than 12,000 employees in total, representing 20% of its workforce!
Expectedly, this exercise has become political inside UBS as each unit tries to minimize blood-letting in its ranks and the executives jostle to maintain or expand their fiefdoms.
Unsurprisingly, UBS spokesperson declined to make any official comment to the newspaper.