As much as 36,000 jobs could be cut worldwide as a result of the merger of financial institutions Credit Suisse and UBS, which was hastily arranged by the Swiss government to prevent a global financial collapse, the Economic Times reports, citing newspaper SonntagsZeitung. The Swiss government feared a global meltdown from the collapse of major banks in the United States. UBS announced last Wednesday it would bring back former CEO Sergio Ermotti. Citing internal anonymous sources, SonntagsZeitung said management was considering cutting between 20% to 30% of its workforce, which would amount to between 25,000 to 36,000 jobs. In Switzerland alone, up to 11,000 jobs could be cut. Before the merger, UBS and Credit Suisse employed about 72,000 and 50,000 people, respectively, according to the Economic Times.