United States technology giant IBM is transferring its northeastern European headquarters from Zurich to Madrid.

The Swiss Handelszeitung newspaper reported the move on Wednesday. An IBM spokeswoman confirmed the report and told the Swiss News Agency that the company wished to create a leaner and more efficient infrastructure.

The plan is to consolidate the southwestern and northeastern European headquarters, yet the Swiss branch of IBM will not be affected and no jobs will be lost.

No employees will have to move house. As the spokeswoman pointed out, most of the people working for the Swiss branch do not live in Zurich anyway.

In addition, there will be no changes at the IBM laboratory and nanotechnology centre in Rüschlikon near Zurich.

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