UBS has made five senior commodity derivatives executives redundant within its embattled investment banking team, Financial News has learned, including its global head of exchange-traded commodities, as the job cuts begin to bite in prime services.

Tim Woodward, the bank's global head of on-exchange commodities, Patricia Flakus, US head of exchange-traded commodities and David Cunningham, her counterpart in Europe, are all understood to have been made redundant. UBS declined to comment.