Switzerland: According to a senior manager at UBS, the newspaper Sonntagszeitung has reported that UBS Group AG will reduce its workforce by 20% to 30% after completing its acquisition of rival Credit Suisse and lay off as many as 36,000 people globally. Although it did not specify which positions would be at risk, the newspaper noted that 11,000 employees would be let go in Switzerland. By the end of 2022, the two lenders had a combined workforce of almost 125,000 people, with 30% of those workers located in Switzerland, according to the report.