Swiss bank UBS has announced a plan to cut about 10,000 jobs during the next three years as it restructures its investment banking unit.

Switzerland's largest bank said Tuesday the changes will help it save $5.8 billion by the end of 2015.

UBS CEO Sergio Ermotti said in a statement announcing the move that the company has a “unique” opportunity to accelerate its transformation.

UBS reported massive third-quarter losses of $2.3 billion in the three months ending in September. That compares to a $1 billion profit in the same period last year.