Credit Suisse is thinning out its branch network, closing more than one in ten locations in Switzerland, finews.com has learned.
Following reports of layoffs in investment banking and asset management, Credit Suisse is now reconfiguring its Swiss Bank unit. It will trim its 109-strong Swiss branch network by 14 offices by the end of February, while two other branches will be converted into advisory locations. Affected employees were informed of this, Monday, the bank confirmed to finews.com.
Support During Restructuring
Credit Suisse is not providing information on the exact number of job cuts but said affected employees affected will be closely supported in their next professional steps, and offer new prospects within the bank.
Switzerland's second-largest bank must significantly streamline its cost structure to regain a stable footing in a changing environment. As previously announced, 500 full-time positions in Switzerland and 2,700 worldwide will be cut by the end of the year as part of the Group's restructuring.
Changing Customer Needs
By the end of 2025, the number of jobs is expected to fall from 52,000 to 43,000. At the same time, a total of 2.5 billion Swiss francs will be saved by 2025, of which 1.2 billion is to be eliminated as early as next year.
Reviews of the Swiss branch network were accelerated as a result of the cost measures. But the closures are also linked to the ever-increasing use of mobile and online services, which is leading to fewer visits to physical branches, with smaller branches more affected by fewer visits.
Credit Suisse says it wants to flexibly combine the digital world of banking with personal service on-site. To this end, all locations will be modernized on an ongoing basis over the next few years. In this way, the branches would remain a cornerstone and an important calling card for the bank throughout Switzerland.
