UBS Group AG is set to cut its workforce by at least 30% worldwide after completing its takeover of Credit Suisse Group AG, the Swiss newspaper SonntagsZeitung reported quoting an unidentified senior manager. However, the official spokesperson refuted the claims of layoffs. If the sources are to be believed, as many as 11,000 employees will be laid off in Switzerland and 25,000 worldwide working under UBS Group AG after Credit Suisse Group AG merger. McDonald's Begins Layoff Process, Temporarily Closes Corporate Offices in US Ahead of Sackings: Report.

UBS To Layoff 30% Workforce

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