Online banking group Swissquote has said it will cut dozens of jobs after revealing a loss of SFr17.9 million ($10.5 million).This content was published on February 22, 2002 - 10:16
Swissquote said on Friday that it would make the cuts in a bid to break even on the operating level in 2003 amid slack demand for online financial services.
The company, which launched the online Swissquote Bank last May, added that it would cut its staff to 110 from 159.
"Despite the one-time restructuring costs of SFr8 million that will be fully charged to the Swissquote Group accounts in the first quarter of 2002, Swissquote Group plans to reduce the overall (2002) loss compared to the previous year," the company said in its earnings statement.
Balanced by 2003
"In 2003, when restructuring measures feed through fully, Swissquote expects balanced earnings before interest, taxes, depreciation and amortisation."
Revenue in 2001 eased to SFr13.2 million. It did not give comparative figures for 2000.
Swissquote had forecast a full-year loss of around SFr18 million in November when it reported a nine-month net loss of SFr14.1 million.
Swissqoute said it did not expect a significant improvement in the market for online financial services this year.
There are also going to be some changes at the top at Swissquote Bank with Marc Bürki taking over as chief executive from Alfred Moeckli.
Bürki will take over from the start of March, however Moeckli will remain with the company through the transitional period till June.
swissinfo with agencies
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