© Reuters. FILE PHOTO: The logo of the Swiss bank Credit Suisse can be seen in Zurich
ZURICH (Reuters) – Credit Suisse By merging subsidiaries in the canton of Aargau and reducing the number of branches in favor of a more digital bank, (S 🙂 intends to generate annual savings of CHF 100 million (US $ 110 million).
The move announced on Tuesday marks the final stage in the overhaul of the lender's Swiss retail business. The overhaul is part of a group-wide savings package worth CHF 400 million that was presented at the end of July.
"The changes to the branch network of Credit Suisse throughout Switzerland, including the branches in the canton of Aargau, are expected to be implemented at the end of 2020," said a statement from the second largest bank in Switzerland.
"With a goal of 109 locations – compared to 146 currently – Credit Suisse will continue to have a strong regional presence in the future."
Savings would be achieved through staff reductions as well as lower general costs in connection with branch closings and the merger of the subsidiary Neue Aargauer Bank with Credit Suisse (Switzerland).
A new digital offering will be introduced in October, shifting the focus to digital banking and a more complex branch service for others with a greater need for advice.
Restructuring costs of around 75 million francs are expected to be booked within one year of the completion of the program and will fall under the group-wide restructuring costs of 300 to 400 million francs announced in July.
More details on his new digital plan will be presented in September.
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