UBS declined to comment on the report.

UBS’ takeover of Credit Suisse, the biggest bank merger since the 2008 global financial crisis, was hastily arranged by Swiss authorities in March 2023 to avert Credit Suisse’s collapse.

After the takeover last year, UBS embarked on a more than $10 billion cost-cutting plan, which led to an over 3,000 jobs cut in Switzerland. Later in the year, it also cut Credit Suisse’s securities research unit’s around 70% of Hong Kong-based staff headcount.