Another round of layoffs at UBS is underway today, according to a person familiar with the situation. The asset management and wealth management units are said to be on the chopping block. Investment banking is also expecting cuts.

Oddly enough, the municipal bond unit, which is reportedly set to be shuttered by UBS, has been asked to "hold on" as the bank attempts to see if there are any buyers for the business, according to our source.

UBS could not immediately be reached for comment on the job cuts.