Swiss UBS plans to cut up 20-30% of its workforce

Switzerland’s UBS Group AG, which recently acquired Credit Suisse, plans to reduce its workforce by 20-30 percent, Swiss daily Tages-Anzeiger reported on Sunday, citing an unnamed senior UBS manager.

The deal which was designed to secure financial stability globally, has raised concerns over the size of a new bank with $1.6 trillion in assets and more than 120,000 staff worldwide.