According to the Swiss publication, up to 11,000 workers in Switzerland would be laid off.
The anticipated layoffs surpass the 9,000 job losses that Credit Suisse disclosed before UBS’s steady for the past month.
UBS has publicly stated that it will be as transparent as it can on job cutbacks.
Firms like Deutsche Bank, Citigroup, & JP Morgan Chase are preparing to hire some wealth managers as well as investment bankers who are certain to lose their jobs.
The Swiss administration introduced the 3.3 billion USD emergency purchase of Credit Suisse by its own greater Swiss rival.
To force the purchase without needing to get necessary approvals from shareholders, the authorities used emergency law.
The report states that because of the intricate, protracted process required to merge the banks.