People with knowledge of the situation indicated that practically all activity at Credit Suisse’s investment bank in London, New York, and some regions of Asia are at risk, and bankers, traders, and support employees are expected to face the burden of the cuts.

Employees have been informed to expect three rounds of layoffs this year, according to the Straits Times.

The first wave is anticipated by the end of July, while the next two rounds are reportedly set for September and October.

The true scope of the job losses is just now starting to become apparent, three months after UBS agreed to purchase Credit Suisse in a government-brokered bailout.

The combined workforce of UBS, which increased to roughly 120,000 when the merger concluded, has stated that it hopes to save about $6bn in staff costs over the next few years.

UBS plans to eventually reduce the combined overall headcount by around 30%, or 35,000 people.

This is roughly in line with the overall decrease of around 30,000 that Redburn analysts predicted in research on UBS earlier this month.

Early this week, Credit Suisse was hit with a reprimand and a $900,000 fine by the Financial Industry Regulatory Authority (FINRA) for filing more than 9,000 late trades and hundreds of thousands of incorrect TRACE reports.

The fine was issued on Credit Suisse Securities (USA), a division of the Swiss global investment bank and financial services provider Credit Suisse, based on records from FINRA.

These violations ranged from incorrect internal late error rate targets that failed to adequately address a recurring pattern of late trade reporting to late and inaccurate trade reports.