UBS Group AG will cut its workforce by between 20% and 30% after completing its takeover of Credit Suisse Group AG, Bloomberg reported on Sunday citing SonntagsZeitung.
As many as 11,000 employees will be laid off in Switzerland, and another 25,000 worldwide, the Swiss newspaper said citing an unidentified senior manager at UBS.
Meanwhile, Switzerland’s Federal Prosecutor has opened an investigation into the state-backed takeover of Credit Suisse by UBS, AFP reported.
In March, UBS, the country's largest bank, agreed to absorb its troubled rival for $3.25 billion in an emergency deal supervised by the government, the Swiss central bank and the financial regulator.
(Writing by Brinda Darasha; editing by Seban Scaria)