Fraud, bribery and rate-rigging in the banking industry were laid bare today as Swiss bank UBS agreed a £940m (€1.16bn) settlement with regulators in another damning day for the sector.

Banking giant UBS AG has announced that 10,000 jobs are to be cut in a bid to reduce the size of its investment bank.

The decision by Zurich- based UBS to cut as many as 10,000 jobs and retreat from its capital-intensive trading businesses will help position Switzerland’s largest bank to return more funds to its shareholders.

SWISS bank UBS overcame a 1.8 billion Swiss franc (€11.47bn) rogue trading loss to post a smaller than forecast fall in third-quarter net profit yesterday, as its core wealth management business performed well.