the result of an austerity program
CS closes every eighth branch!
Credit Suisse’s savings program will also leave its mark on the large bank’s branch network. As a first step, the bank will close 14 of its 109 Swiss branches by the end of February 2023. The other two branches are converted into consulting offices.
It is not yet clear which branches will be closed.
Credit Suisse’s restructuring continues: the big bank is closing every eighth branch in Switzerland. According to the business portal “finews.ch”, there will still be 95 branches left by the end of February 2023. In addition, CS will convert two other branches into consulting positions. The bank informed the affected employees on Monday. It is not yet known which authorities will be affected.
CS does not provide any information on the number of jobs that will be eliminated as a result of the closure. However, as the bank has previously announced, 500 full-time jobs will be cut in Switzerland alone by the end of the year – and 2,700 worldwide by then.
At the end of October, the bank also announced that it would cut 9,000 of today’s 53,000 jobs and cut costs by CHF 2.5 billion by 2025. However, the reduction of the branch network is not a consequence of this. According to the CS spokesperson, the changing behavior of customers, who increasingly use online and mobile offers, contributed to the decision. Branches would therefore be less frequented. This process is now being accelerated as part of recently announced cost measures. (pbe/smt/SDA)
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