UBS Warburg says it is to cut 200 jobs in London in a bid to cut costs in the face of sluggish market conditions.

The investment banking arm of the Swiss bank, UBS, said it would cut about 100 jobs in investment banking, including about 50 bankers.

The remainder will fall across other business areas, including equities, fixed incomes, foreign exchange and logistics.

"The redundancies are the result of our annual cost review and they also reflect the changed market conditions in the investment banking business," said UBS spokesman, Christoph Meier.

Meier told swissinfo the bank was not planning any further redundancies this year.

"We expect staff levels to be about the same at the end of the year, but it is our duty to have a tight cost control and to review out capabilities and our capacities over the year," he said.

The bank, which employs 6000 staff in London, cut 240 jobs after a similar cost review in May 2001.

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