class = “sc-cffd1e67-0 iQNQmc”>
The big bank plans to initially consolidate UBS and CS branches in five communities and create “pilot branches” starting in April. UBS and CS bank branches throughout Switzerland are expected to be combined in a total of 85 locations by the end of 2025.
The five “pilot locations” are Mendrisio in Ticino, Delémont, the capital of the canton of Jura, the communities of Aargau in Rheinfelden and Frick and Grenchen in Solothurn, the UBS media office confirmed on Friday from CH Media newspapers. Existing UBS and CS employees will be gathered in one location. For example, the CS branch in Grenchen will be closed, and the UBS branch in Rheinfelden will be closed.
Gain experience for further reductions
The big bank apparently wants to gain “experience” with these combined pilot branches. Mergers are expected to continue throughout the year: It is understood that approximately 20 more Swiss locations will be consolidated in the third quarter, the newspaper reported.
The branch arrangement had already been announced at the annual media conference at the beginning of February. Chairman of the Board Sergio Ermotti said at the time that the total number of UBS branches would move “in the direction of the number of UBS branches before the integration”. More details will emerge by the end of 2025. There are currently approximately 190 UBS branches and approximately 95 CS branches in Switzerland. There are both UBS and CS branches in 85 locations.
All employees at the five pilot locations will now continue to work. However, in the long term, the integration of CS into UBS is also likely to lead to layoffs in Switzerland. UBS CEO Ermotti announced last summer that the merger of major banks could lead to 3,000 layoffs in Switzerland. (SDA/uro)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
