UBS (NYSE:UBS) has plans to cut about 5,000 jobs and save around $1.2 billion to neutralize poor equity markets and an adverse exchange rate according to unnamed bank insiders.The particular outline cost cuts still need to be approved and settled by the board and the bank plans to make the announcement along with second quarter results on July 26.UBS has a potential upside of 39.3% based on a current price of $17.08 and an average consensus analyst price target of $23.79.