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.

Swiss bank UBS has begun a wave of job cuts in its home market Switzerland, with hundreds of employees receiving notice in recent weeks.

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.