Swiss bankers are facing mass layoffs due to the global financial crisis.

​Sonntagszeitung has reported that UBS Group AG will slash its workforce by between 20% and 30% after completing its takeover of rival Credit Suisse, letting go as many as 36,000 employees globally. The newspaper highlighted that some 11,000 employees would be dismissed in Switzerland, although it did not provide any details about which positions would be targeted. The two Swiss banks together employed almost 125,000 people worldwide at the end of 2022, about 30% of which were in Switzerland. Last month, the two Swiss banks announced a historic merger, with UBS agreeing to pay 3 billion Swiss francs ($3.24 billion) in stock to acquire its embattled rival in a deal underpinned by government guarantees and 100 billion francs (just over $1 billion) in liquidity assistance from Switzerland’s central bank. The banking crisis exacerbated the troubles of Credit Suisse, which had been already battling a string of scandals, legal issues, and customer outflows. Credit Suisse reported a 2022 net loss of 7.3 billion francs and warned that it would incur another “substantial” loss in 2023 before returning to profitability in 2024.​