Savings must now be made while chairman Thomas Schneider and CEO, John Häfelfinger are to step down.
The bank has made value adjustments totalling CHF105.5 million on its investment in Radicant Holding.
The main reasons for the adjustments are unforeseen problems with the integration of the fiduciary business of Radicant Business Services and an excessively high cost base.
Radicant Holding and Radicant Business Services are the successor companies to Numarics and Kreston Zurich.
The cantonal bank is now planning a comprehensive cost reduction and efficiency programme as well as changes in the governance and business orientation of the Radicant companies. However, it remains committed to the strategic investment, according to the statement.
In his ninth year as CEO and gead of the executive board, Häfelfinger will leave the bank at the end of March 2026. Schneider, who has been chair since August 2018, has also decided to step down from his position in mid-2026.
Meanwhile, the bank confirms the outlook it gave at the annual media conference on February 27, 2025 and expects operating business performance to be comparable to the previous year. The bank plans to report on the first half of 2025 on July 17.
Translated from German by DeepL/mga
We select the most relevant news for an international audience and use automatic translation tools to translate them into English. A journalist then reviews the translation for clarity and accuracy before publication.
Providing you with automatically translated news gives us the time to write more in-depth articles. The news stories we select have been written and carefully fact-checked by an external editorial team from news agencies such as Bloomberg or Keystone.
If you have any questions about how we work, write to us at english@swissinfo.ch
Popular Stories
More
Climate adaptation
Why Switzerland is among the ten fastest-warming countries in the world
Has your continent reached its peak or is there still potential for economic growth?
Some regions of the world are on an upward trajectory with the promise of a steadily improving future. Where do you live? And in which direction is your region or continent developing?
A tropical parasite spreads from Switzerland to Germany
This content was published on
A pest from the tropics is giving Swiss agriculture a hard time. The caterpillar of the tomato moth (Helicoverpa armigera) devours almost everything. The moth is now spreading northwards.
Over 10,000 people brave the rain for Geneva Lake Parade
This content was published on
The Lake Parade attracted more than 10,000 people to Geneva on Saturday afternoon in torrential rain. This techno and festive event took place in a reduced format and on an unusual reversed route because of the Women's Euro.
This content was published on
The Zurich cantonal police today arrested two men in Pfungen, a few kilometres from Winterthur (ZH), who were trying to rob a gun shop. Thefts in such businesses in Switzerland have multiplied recently.
This content was published on
Flight safety is reduced by the clogging of airspace, says Thomas Steffen, a pilot for Swiss and head of safety at Aeropers, the industry association.
Malaysian artist Yee I-Lann holds first major European exhibition in Thun
This content was published on
Das Kunstmuseum Thun richtet im August die erste grössere Europaausstellung der malaysischen Künstlerin Yee I-Lann aus. Darin werden Einflüsse des Kolonialismus aber auch das Fortbestehen des indigenen Erbes thematisiert.
Data from Swiss health foundation Radix leaked on the dark web
This content was published on
After the cyber attack suffered by the Radix foundation at the end of last month, sensitive personal data such as names and debts of people banned from casinos were published on the Darknet.
This content was published on
Companies with an externally validated net-zero target emit less CO2 than those without a climate target. This is the conclusion of a new analysis by the US financial services provider MSCI.
This content was published on
Swiss companies are increasingly being targeted by cyber criminals. In the past quarter, every single company in this country was the target of a cyber attack an average of 1097 times a week.
Swiss households faced 21 minutes of power outages in 2024
This content was published on
End customers experienced an average of 21 minutes of electricity interruption in 2024. This resulted in 0.34 power outages per capita. The duration of electricity interruptions increased by three minutes compared to the previous year.
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.