UBS Group AG will cut its workforce by between 20 and 30 percent after completing its takeover of Credit Suisse Group AG, slashing as many as 36,000 jobs worldwide, Swiss newspaper Sonntagszeitung reported, citing a senior manager at UBS, Bloomberg reports.

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In Switzerland, as many as 11,000 employees will be laid off, the newspaper said on Sunday. The two lenders together employed almost 125,000 people at the end of last year, with about 30 percent of the total in Switzerland.

That number of predicted layoffs dwarfs the 9,000 job cuts that Credit Suisse had announced before the rescue by UBS last month. Given that the merger creates significant overlaps, it had been expected that final layoffs would reach a multiple of that number.

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