Embattled Swiss bank Credit Suisse is to close 14 of its 109 branches in Switzerland by February 2023 as part of a comprehensive restructuring programme. A further two branches will be converted into advisory centres.
“This decision is mainly due to the changing habits of our clients, who are increasingly using our mobile and internet services,” a Credit Suisse spokesperson told AWP on Tuesday, confirming information from the Finews portal.
As part of recent restructuring and cost-cutting measures, the Zurich-based bank has accelerated the adjustment of its branch network, he added in an email.
He did not specify which branches were affected by the closures, but he stressed that the bank would remain present “in all regions of Switzerland”.
Employees affected by the closures would be supported in finding “new opportunities within Credit Suisse. A social plan is also available to them”.
Radical restructuring
Credit Suisse has suffered a string of setbacks in recent years by being on the wrong end of soured business deals and courtroom battles. Management is attempting to stop the rot with a radical overhaul of the bank’s operations and strategy.
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At the end of October, the banking group announced a radical restructuring of its investment bank and a reduction in costs that would result in 9,000 job cuts worldwide by the third quarter of 2025. The reduction of 2,700 full-time equivalents is currently underway. In Switzerland, the number of jobs is expected to be reduced by around 2,000 to 14,000, including 500 by the end of the year.
Credit Suisse intends to reduce its costs by 15% or CHF2.5 billion ($2.52 billion), in order to reduce its operating costs to around CHF14.5 billion by 2025.
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