UBS Group AG (UBS.US) plans to lay off 180 people in Italy and continue to push forward with the integration of Credit Suisse business.

UBS Group AG has notified Italian unions that it will lay off 180 employees as part of the restructuring of its Italian operations following its acquisition of competitor Credit Suisse. According to a joint statement from Italy's major banking alliance released on Tuesday, 162 employees will be laid off from UBS Group AG's Italian branch, with the remaining staff coming from the local wealth management department of UBS Group AG Trust. The statement said that the union has requested a meeting to reduce the number of layoffs and further clarify UBS Group AG's strategy. UBS Group AG stated in the declaration, "We confirm that we are planning to adjust the business models and functions of both the Italian branch and UBS Group AG Trust. Italy remains a strategic region for the group's future growth."