Credit Suisse to Generate 100 million Swiss Francs Annual Savings
Credit Suisse has announced it intends to generate 100 million Swiss Francs annual savings by merging subsidiaries in Aargau, and cutting the number of branches in favour to rely more on digital banking.
Another stage of Credit Suisse’s major revamp, it forms part of the 400 million franc savings package unveiled at the end of July. Further, a new digital offering will be introduced in October, shifting focus onto digital banking and a more complex branch service for others with stronger advisory needs.
The lending retail giant commented that savings would be achieved both through headcount reductions and lower general expenses related to branch closures and the merging of subsidiary Neue Aargauer Bank with Credit Suisse (Schweiz).
More details on the plan are expected to arrive in September.
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