Switzerland’s UBS is required to scale down the business following a fall in net profit by half in the second quarter, The Wall Street Journal reports. The bank’s net profit lowered to $1.27 billion for the three months that ended on June 30, as compared to $2.51 billion a year earlier.

UBS may now have to cut its annual costs by nearly $2.46 billion. The lender planned to reach a pretax profit target of $18.61 billion by 2014. The firm’s revenue also declined 22% to $8.94 billion.

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