UBS Group AG is cutting jobs in France as part of a plan to restructure some of its business activities in the country following the integration of Credit Suisse.

The Swiss bank Credit Suisse, which is now owned by the Swiss banking giant UBS, made an out-of-court settlement with the US government on Monday evening to pay $511 million for tax evasion, UBS announced.

UBS Group has agreed to pay $511m to resolve a US investigation into its subsidiary, Credit Suisse Group, regarding its role in facilitating tax evasion for wealthy Americans. This settlement follows a guilty plea from Credit Suisse Services,