Swiss investment bank UBS is preparing to lay off as many as 36,000 people in the wake of its takeover of rival Credit Suisse — significantly more than first planned, according to a report on 2 April.

Citing insiders at the bank, the Swiss newspaper SonntagsZeitung reported that UBS plans to cut 20% to 30% of its workforce. That would be between 25,000 and 36,000 of UBS’s 120,000 full-time positions following the combination of the two banks.