UBS may cut up to 30% of its overall workforce after acquiring Credit Suisse.
The move comes as the two banks begin a multi-year process of integration.
- Credit Suisse and UBS collectively employed about 125,000 people before they entered a merger agreement last month.
- The combined entity may cut up to 11,000 employees in Switzerland and another 25,000 in other countries.
- The Swiss Bank Employees Association reportedly told UBS after the merger to keep layoffs to an "absolute minimum."
- Swiss prosecutors announced separately on Sunday that they have launched an investigation into the merger in a bid to “analyze and identify any criminal offenses.”
