Blaming the current market conditions, the Swiss banking group said 650 jobs will go in all, mostly in its investment banking operations.
The move comes after the bank announced losses of 1.26 billion Swiss francs (Â£704 million) in the third quarter of 2008, compared to a profit of 1.3 billion francs in the same period of last year, the BBC stated.
Meanwhile, HSBC said it was eliminating 500 jobs across the UK. According to the Independent, most of the losses will be absorbed by the bank's legal and finance divisions based at Canary Wharf in London.
Trade union Unite called the bank's decision "a disgrace", adding there is no "business rationale" for it to make cuts after announcing an increase in half-year profits.
Unite joint general secretary Derek Simpson accused the group of using the downturn "as an excuse" to cut jobs.