FILE PHOTO: A logo of Swiss bank UBS is seen in Zurich, Switzerland, May 1, 2025. REUTERS/Denis Balibouse/ File Photo

(Reuters) -UBS has ordered bankers to scale back sales of complex currency derivatives after its clients suffered heavy losses due to U.S. President Donald Trump's "Liberation Day" tariff announcements, the Financial Times reported on Tuesday.

Reuters could not immediately verify the report.

UBS declined to comment on the report but said the bank had completed a review and determined that a very small number of clients in a few locations in Switzerland experienced unexpected effects from the U.S. tariff-related market volatility in April 2025.

"From the outset we have taken this matter seriously and have looked at each client case individually," UBS added in a statement sent to Reuters.

(Reporting by Yazhini MV in Bengaluru and Ariane Luthi in Zurich; Editing by Mrigank Dhaniwala and Louise Heavens)