Switzerland’s third-largest bank says it will cut up to 200 jobs to save CHF100 million ($100 million) this year.
This content was published on
2 minutes
Keystone-SDA/sb
Raiffeisen is reorganising and undertaking a cost-cutting programme. This follows a recent fraud allegation scandal involving its former chief executive.
The co-operative bank said in a statement on ThursdayExternal link: “In addition to structural optimization, Raiffeisen Switzerland wants to increase its efficiency. Through a systematic review of personnel and material costs, a savings target of up to CHF100 million is to be achieved. At Raiffeisen Switzerland, a maximum of 200 jobs will be affected.”
It said many of the jobs cuts would be achieved through ‘natural fluctuations’ and early retirements. The restructuring follows changes to the executive board and management teams.
Raiffeisen was hit last year by a governance scandal over the business activities of a previous chief executive, Pierin Vincenz, who left the bank in late 2015.
Zurich’s attorney general is investigating the former Raiffeisen boss for potentially improper business management – including cashing in on company takeovers of the credit card company Aduno and the investment company Investnet.
In January 2019, an independent study found no evidence that Vincenz or other former or current Raiffeisen managers had behaved in a criminally relevant manner or personally enriched themselves.
All members of the board who had served before 2015 under Vincenz are no longer working for the institution.
Rhine flooding: Swiss to invest CHF1 billion with Austria
This content was published on
As part of an international agreement with Austria, the Swiss government wants to pump CHF1 billion ($1.1 billion) into flood protection measures along the Rhine over the next three decades.
Swiss government proposes CHF10 million UNRWA donation
This content was published on
After months of debate, Switzerland plans to give CHF10 million ($11 million) to the UN agency this year, rather than the CHF20 million initially foreseen.
Swiss study: insects mainly migrate at midday and dusk
This content was published on
A study led by the Swiss Ornithological Institute in canton Lucerne is helping to better understand the movement patterns of migratory insects.
Red Cross: 22 staff killed in Middle East since October
This content was published on
The Red Cross and Red Crescent network in Gaza and Israel has lost 22 staff members since last October, the Swiss Red Cross (SRC) said on Wednesday.
Dortmund’s Kobel is first Swiss goalie in Champions League final
This content was published on
Borussia Dortmund’s Gregor Kobel has achieved history by becoming the first Swiss goalkeeper to reach a Champion’s League final.
University students in Switzerland join Gaza protest wave
This content was published on
Pro-Palestinian activists occupied university buildings in Lausanne, Geneva and Zurich on Tuesday, widening the protest movement in the Alpine nation.
TradeXBank to resume full operations after Sberbank Switzerland taken off sanctions list
This content was published on
TradeXBank, the former Swiss branch of Russia’s Sberbank, will be able to resume its dollar-denominated activities from the second half of this year.
Geneva decides not to remove controversial memorials
This content was published on
The city of Geneva has presented an action plan regarding a series of controversial local statues and monuments of historical figures linked to racism, colonialism or slavery.
University of Lausanne calls for end to pro-Palestine sit-in
This content was published on
The pro-Palestinian occupation continues at the University of Lausanne (UNIL). On Monday evening, a group of students refused to agree to the deadline set by the rectorate.
This content was published on
An independent study of the Swiss bank has found no evidence of criminal conduct. But the bank has announced the departure of three board members.
Raiffeisen CEO resigns amid scandal over his predecessor
This content was published on
Patrik Gisel, chief executive officer of the Raiffeisen bank has resigned from his position over criticism related to the bank’s former boss.
Financial watchdog accuses Raiffeisen of major governance failings
This content was published on
The Swiss Financial Market Supervisory Authority (FINMA) identified “serious shortcomings” in governance at
Swiss bank Raiffeisen.
Former Raiffeisen boss Vincenz faces criminal probe
This content was published on
“Raiffeisen is therefore making a maximum contribution to the complete clarification of all processes,” the bank said in a statement on Wednesday. Vincenz has been dogged by suspicions of conflict of interest during his tenure as Raiffeisen boss, during which he personally invested in subsidiaries of the banking group. There have also been questions surrounding…
Raiffeisen bank under financial regulator scrutiny
This content was published on
FINMA confirmed on Monday that it had initiated investigations concerning corporate governance within Raiffeisen. The opening of a possible legal process against the bank will depend on the outcome of the investigation. According to the SonntagsZeitung newspaper, the investigation will go as far back as 2010 and will look into corporate governance issues surrounding acquisitions and…
You can find an overview of ongoing debates with our journalists here . Please join us!
If you want to start a conversation about a topic raised in this article or want to report factual errors, email us at english@swissinfo.ch.