Credit Suisse to shut 37 bank branches

The Pak Banker - - FRONT PAGE -

BER­LIN: Swiss bank Credit Suisse said Tues­day that it plans to close 37 branches in its home coun­try as part of an ef­fort to stream­line its busi­ness, and said that some job cuts are in­evitable. Credit Suisse said it ex­pects to im­ple­ment the changes by the end of this year, re­duc­ing the num­ber of branches in Switzer­land to 109 from 146. Some of the re­duc­tion will re­sult from merg­ing its Neue Aaar­gauer Bank sub­sidiary in north­ern Aar­gau canton (state) with the main Credit Suisse busi­ness.

The bank said that, in just the last two years, there has been a 40% in­crease in the use of on­line bank­ing at Credit Suisse, while use of its mo­bile bank­ing op­tion has more than dou­bled. It added that "the COVID-19 cri­sis has fur­ther ac­cel­er­ated these trends" and the num­ber of vis­its to branches has been fall­ing for years.

The com­pany said that "a head­count re­duc­tion ... is in­evitable" at Neue Aar­gauer Bank and Credit Suisse it­self, but didn't give any fig­ures. It said that it is in con­sul­ta­tion with em­ployee rep­re­sen­ta­tives, with the aim of find­ing jobs in­side the bank or else­where for as many as pos­si­ble.

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