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 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.

UBS Group (UBS) is reportedly cutting hundreds of jobs in Switzerland, affecting several levels, as part of its integration of formal Swiss rival Credit Suisse.

UBS Group AG Chief Executive Officer Sergio Ermotti said he will keep cutting headcount in the wake of the historic acquisition of Credit Suisse.