UBS and Credit Suisse are set to slash jobs in order to adjust their businesses, Financial Times reports. UBS has already cut 500 IT jobs and may lay-off more employees by the end of this quarter.

Credit Suisse is likely to cut over 1,000 jobs, or between 2% and 3% of its workforce, including about 600 positions within its investment bank that had been reported earlier. Most banks are planning job cuts as they got over staffed after hiring thousands of employees following the financial crisis.

Click here for the story from Financial Times.

Click here for additional coverage from Reuters.