Switzerland’s UBS is expected to announce more writedowns and job cuts, Swiss newspaper Sonntag reported yesterday.

Shares of the world’s largest wealth manager in terms of assets fell 7 percent on Friday as rumors swirled of a profit warning and more writedowns in the first quarter. The bank, one of Europe’s hardest hit in the crisis, has already written down more than $49 billion since mid-2007.

Sonntag said UBS would write down at least another $2 billion on illiquid assets.