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 (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.

UBS Group AG has removed Credit Suisse’s signs at its one-time arch-rival’s former headquarters in Zurich, replacing them with its own.

The job cuts are happening at a time when UBS is working to erase most traces of Credit Suisse from public view in Switzerland. The bank has recently replaced the former rival's logo from its headquarters in Zurich, and it is preparing to switch off its IT systems as it transfers domestic client data to its own.

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.