Report: UBS Group to lay off up to 36,000 staff

Probe underway: Sergio Ermotti (facing camera), the newly rehired UBS chief executive officer, attends a news conference in Zurich. Swiss prosecutors are gathering evidence as part of a possible criminal investigation into the bank’s takeover deal. — Reuters

ZURICH: UBS Group AG will cut its workforce by between 20% and 30% after completing its takeover of Credit Suisse Group AG.

According to SonntagsZeitung, Swiss prosecutors have started gathering evidence as part of a possible criminal investigation into the deal.