Credit Suisse downsizes

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Suisse » Bank number 2 will cut up to 500 jobs, especially in Aargau.

Credit Suisse wants to reduce the number of branches in the country and will merge its activities with its subsidiary Neue Aargauer Bank (NAB). The job cuts can not be avoided, warned the bank, citing up to 500 positions slashed. The program is expected to generate savings of $ 100 million by 2022.

In order to reduce costs, the group wants to combine the activities of its subsidiary Neue Aargauer Bank (NAB) with those of Credit Suisse to unify its presence in Aargau in a single establishment. The objective is to eliminate duplicates in structures, he announced yesterday in a press release.

From around 30 branches, the network should only number a dozen in Aargau. NAB clients will be transferred to Credit Suisse. Aargau will be one of the three largest regions of the Swiss division.

Since 1994, NAB is majority owned by Credit Suisse, employing around 530 people (full time) and managing around CHF 19 billion in assets. Job cuts are “inevitable” and could affect up to 500 jobs, according to André Helfenstein, managing director of the units Swiss Universal Bank and Credit Suisse (Switzerland). ats

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