A UBS spokeswoman said the post had been axed after postholder Michel Ogrizek left 'by mutual agreement'.
She confirmed Ogrizek's responsibilities have been shared between the five divisional comms heads across the group, but declined to comment on why the role had been cut.
The news emerged this week as the World Economic Forum (WEF) announced the appointment of Ogrizek as director of communications at its Geneva headquarters.
Ogrizek is set to take up the post on 1 August.
At the WEF, Ogrizek will head a team of 15, across three divisions: media and public affairs; publications; and website.
He will replace Charles McLean, who left WEF after two years to join executive aeroplane firm NetJets as European director of communications and public affairs, based in London.
Ogrizek said he is aiming to make the WEF's communications more 'proactive'.
'At the heart of the current globalisation debate, it is essential the WEF communicates more actively to encourage a permanent spirit of dialogue between world leaders and major stakeholders,' he said.
'It is also relevant to initiate a global flow of information about the international initiatives the Forum has taken towards improving the world,' he added.
Ogrizek, who will report to WEF president Klaus Schwab, has held a variety of high-profile PR positions. He is a former acting head of corporate relations at Unilever and an ex-European president and CEO of Edelman PR Worldwide.
He also worked as president and CEO for Hill & Knowlton in France and as a director at Burson-Marsteller.