UBS is planning on cutting its workforce by between 20% and 30% following its acquisition of Credit Suisse, Swiss newspaper SonntagsZeitung reported, citing an unnamed senior manager at UBS.
According to the report, as many as 11,000 employees will be laid off In Switzerland as well as a further 25,000 staff worldwide.
The two banks combined employed about 125,000 staff globally at the end of last year.
Last month, the Swiss government announced UBS’ emergency acquisition of Credit Suisse in a $3.3bn deal following years of scandal at the latter, which had led to deposit outflows.
Credit Suisse announced 9,000 staff faced the axe before the rescue deal was announced. The total number of jobs axed following the deal was always expected to be higher given the overlap between the two banks.
UBS declined to comment.
