UBS has fired 30 US equities traders, understood to be approximately 10% of its team, in response to greater demand from clients for electronic trading.

The bank said in a statement: "With all our businesses, we regularly review our cost structure and staffing levels. We are the leading provider of cash execution to clients around the world and the leading trader of shares in the US and globally. We are committed to the cash equities business and continue to invest in it."