Swiss investment bank UBS Group AG is preparing to lay off as many as 36,000 people in the wake of its takeover of rival Credit Suisse — significantly more than first planned, according to a report Sunday.
Citing insiders at the bank, the Swiss newspaper SonntagsZeitung reported Sunday that UBS UBS, +4.05% plans to cut 20% to 30% of its workforce. That would be between 25,000 and 36,000 of UBS’s 120,000 full-time positions following the combination of the two banks. The newspaper said up to 11,000 layoffs would be in Switzerland.