UBS plans to cut more than half of its former Credit Suisse staff, including investment bankers, traders and support staff in London, New York and some in Asia, starting in July, Bloomberg quoted sources as saying.

The report added that UBS plans to eventually reduce its total headcount by about 30 percent, or 35,000 people, which will jump to 120,000 worldwide after the UBS merger, 45,000 of which will come from Credit Suisse.