UBS will cut 3,000 jobs in Switzerland in the coming years as it integrates Credit Suisse, with further staff to go of their own accord, the bank’s CEO Sergio Ermotti told staff in a memo on Thursday.

“The vast majority of cost reductions will come from natural attrition, retirements and internal mobility, while around 1,000 redundancies will result from the full integration of Credit Suisse (Schweiz) AG,” he wrote.

The 1,000 job cuts will start in late 2024, he said, adding that he expected a further 2,000 staff redundancies due to the need to profoundly restructure Credit Suisse.