UBS layoffs: Swiss banking giant UBS is reportedly set to begin layoffs as part of its cost-cutting program following its acquisition of Credit Suisse. The layoffs will occur in five waves throughout the year, with the first wave expected to start in June, according to a report by SonntagsZeitung.

UBS has not yet provided a comment on the reported layoffs.

The cost-cutting program was announced in August last year, aiming to reduce costs by over $10 billion and streamline operations following the acquisition. This includes eliminating around one in 12 jobs in Switzerland. Analysts estimate that between 30,000 and 35,000 jobs could be cut globally.

The layoffs are expected to affect between 50 per cent and 60 per cent of former Credit Suisse staff over the five rounds of layoffs, the report stated. The first wave in June is anticipated to see 25-30 per cent of former Credit Suisse employees losing their jobs. Subsequent rounds are scheduled for August, September, October, and November.

The planned savings from the cost-cutting program are estimated to reach 12 billion Swiss francs ($13.2 billion).

UBS's move to implement layoffs comes as part of its efforts to streamline operations and reduce costs following its acquisition of Credit Suisse.

(with Reuters inputs)