Cuts are said to be going down at the bank circa now.

Cuts are said to be going down at the House of Corbat.

Cuts are said to be going down in New York.

Cuts are said to be going down in "waves."

The bank has reportedly begun a round of cuts that will ax 5,000 employees.

Cuts are said to be going down circa now. "FYI: UBS is letting people go on the sales and trading desk today. At least three senior guys have been let go so far this morning, with more on the way."

Cuts are said to be going down this morning in Stamford. From the front-lines: "So far affecting employees in cap markets. We've been hearing cuts were coming so I'd imagine there will be more through the day."

The firm is said to be giving a whole bunch of employees the heave-ho.