UBS Group AG is planning to cut more than half of Credit Suisse Group AG’s 45,000-strong workforce starting next month as a result of the bank’s emergency takeover, reports Bloomberg.

Bankers, traders and support staff in Credit Suisse’s investment bank in London, New York, and in some parts of Asia are expected to bear the brunt of the cuts, with almost all activities at risk, people familiar with the matter told Bloomberg.

Staffers have been told to expect three rounds of cuts this year, with the first expected by the end of July and two more rounds tentatively planned for September and October, the people told Fortune, asking not to be named as the plans aren’t public.

UBS intends to ultimately reduce the total combined headcount by about 30%, or 35,000 people, two of the people said. That’s broadly in line with an overall reduction of around 30,000 estimated by analysts at Redburn in a report on UBS this month, reports Fortune.