Credit Suisse to cut 300 Swiss jobs in retail

The restructuring is part of an extra 1 billion Swiss francs in cost cuts announced by Credit Suisse two weeks ago as part of efforts to bolster its profits and capital position.

hidden November 09, 2012 16:38:55 IST
Credit Suisse to cut 300 Swiss jobs in retail

ZURICH: Credit Suisse will merge its retail and private banking arms in Switzerland from January, in a move which will cost 300 jobs at the Swiss bank and save 50 million Swiss francs ($52.76 million).

The restructuring is part of an extra 1 billion Swiss francs in cost cuts announced by Credit Suisse two weeks ago as part of efforts to bolster its profits and capital position.

Credit Suisse to cut 300 Swiss jobs in retail

The current head of private banking in Switzerland, Arthur Vayloyan, will leave Credit Suisse. Reuters

Credit Suisse executive Christoph Brunner, currently head of Swiss retail operations, will lead the streamlined unit, the bank said.

Rolf Boegli, who is currently operating chief at the private bank, will lead a separate unit of ultra-high net worth clients in Switzerland- typically those with more than $50 million in bankable assets- as well as asset managers.

The current head of private banking in Switzerland, Arthur Vayloyan, will leave Credit Suisse, the bank said. Vayloyan wasn't immediately available for comment.

Switzerland's $2 trillion offshore financial sector has come under attack in recent years, as cash-strapped governments eager to plug holes in their budgets fuel an international campaign against tax evasion. Swiss private banks are bracing for a slide in revenue and profits from the downturn by slashing costs.

Domestic rival UBS said last week it will fire 10,000 staff and wind down its fixed income business, returning to its private banking roots.

Reuters

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