UBS has retrained 350 of its back-office employees in automation software and has asked its entire investment banking staff to come up with ideas for digitising the company, as it looks for more ways to use technology to overhaul its business.

The Swiss bank has been rolling out “robots” – by which it means algorithms that automate back-office processes – across its operations division, in a bid to cut costs and streamline its business, according to Chris Gelvin, head of group operations.