UBS has terminated five senior commodity derivatives executives as part of its 3,500 job cuts, or around 9 percent of its total headcount, Financial News reports. The five executives include Tim Woodward, global head of on-exchange commodities, Patricia Flakus, U.S. head of exchange-traded commodities and David Cunningham, who held the same position as Flakus in Europe.

Two senior European commodity brokers Mark Hubbard and Kevin Watkins were also laid off. All the five terminated executives were part of UBS’ prime services unit, broking on-exchange commodities to the bank’s suite of hedge fund clients.

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