Goldman Sachs has decided to shut its branch in Geneva and concentrate on business in Zurich. The staff will be offered new jobs.

Goldman Sachs is closing its Geneva operations and concentrates on the branch in Zurich, a spokesman for the U.S. banking giant told finews.ch.

The move is designed to improve the efficiency of operations in Switzerland, the company explained. Some 18 employees will be affected by the closure. They will receive offers for jobs in Zurich or at other branches of the bank.

Here to Stay

«We are committed to our business in Switzerland and will continue to serve our customers on the ground,» the spokesman said.

Goldman Sachs has maintained a branch at Claridenstrasse 25 in Zurich since 1974. In Zurich it is able to offer the entire portfolio of products, unlike in Geneva.

Merrill Lynch – Morgan Stanley – Goldman Sachs

The bank isn't the first U.S. institute to turn its back on Geneva. Merrill Lynch in 2012 sold its private-banking unit to Julius Baer. Morgan Stanley two years ago sold its activities to J. Safra Sarasin. Both closed their branches in Geneva in the process.

Goldman Sachs and Morgan Stanley both registered as category II banks in the U.S. tax plan.

Only Goldman Sachs, Citigroup and J.P. Morgan still offer private-banking services in Switzerland.