- After the acquisition of Credit Suisse, UBS wants to close 85 branches in Switzerland.
- A UBS spokeswoman said, confirming a report published by the Argauer Zeitung newspaper.
- Locations where UBS and CS subsidiaries are located directly adjacent to each other are affected.
legend:
85 Credit Suisse and UBS branches will be closed in Switzerland.
Keystone/Peter Klaunzer
According to the report, the first branches will be closed next month. These are pilot projects – UBS wants to use them to gain experience for further branch mergers.
UBS currently operates in approximately 190 locations, and Credit Suisse operates in 95 locations. When the annual financial statements were published in February, UBS chief Sergio Ermotti said the number of branches would be adjusted over the course of 2024 and 2025 and perhaps eventually a similar period. The number remains the same as that currently maintained by UBS. After announcing an emergency takeover nearly a year ago, UBS wants to do just that
Reducing costs at the group level by about $13 billion.
Starting with five “pilot branches” in German-speaking Switzerland, French-speaking Switzerland and Ticino.
The pilot phase is scheduled to begin in April. The main bank has selected five “pilot branches” for this purpose. These are Mendrisio in southern Ticino, the capital of the Jura in Delemont, and the communities of Aargau in Rheinfelden and Frick and Grenchen in Solothurn. UBS says it wants to gain “experience” from these five branches.
Then, over the course of the third quarter, between July and September 2024, about 20 more locations will be combined, with UBS continuing. UBS does not want to provide any more specific information on this matter at this time.
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