UBS Group AG (NYSE:UBS) has started a series of job cuts in Switzerland, affecting both higher management levels and lower ranks, according to Bloomberg, citing individuals familiar with the situation.

Banking and financial services firm, UBS Group AG has begun a series of job cuts in Switzerland, impacting both senior management and lower-level employees, according to a Bloomberg report, citing sources familiar with the matter.

Swiss bank UBS has begun a wave of job cuts in its home market Switzerland, with hundreds of employees receiving notice in recent weeks.

UBS had earlier mentioned that it would be slashing nearly 3000 jobs in Switzerland as a part of its integration with Credit Suisse.