Credit Suisse May Cut as Many as 500 Positions in Switzerland

Credit Suisse Group AG may cut as many as 500 positions in Switzerland as part of plans to restructure its retail business in the country.

Andre Helfenstein, chief executive officer of the Swiss Universal Bank and head of Switzerland, announced the cuts on a call with reporters after the bank had earlier signaled changes to its banking business.

The lender is targeting cost savings of about 100 million francs ($109 million) a year starting in 2022, after integrating the Neue Aargauer Bank AG unit under the Credit Suisse brand, according to a statement on Tuesday.

©2020 Bloomberg L.P.

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