Death of CS branch is imminent in Super-UBS

class=”sc-3778e872-0 gWjAEa”>

“Olten savings bank used to be here – this one no longer exists,” says Marlene Dürger (61) of Starrkirch SO. Today, critical voices are gathering in front of the Credit Suisse branch in Olten SO, some want to change banks or feel sorry for the “very friendly staff”.

The fate of the local CS branch seems already determined. There is a UBS branch just around the corner. It is assumed that the CS branches will disappear when CS and UBS merge to form Super-UBS.

As of March 21, 2023, UBS has the most branches in Switzerland with a total of 195 branches. Credit Suisse currently has 97 branches. According to Blick research, there are currently 75 locations in Switzerland with at least one branch each of CS and UBS. In larger communities, duplicates accumulate. For example, there are 20 locations in Zurich: 11 UBS and 9 CS branches. Often close to each other.

Branches for advice, ATM for money

Branches with staff are often only required for consulting services. For topics like mortgage, pension, inheritance, financial planning and more. The rest of the banking transactions take place online or at ATMs. Therefore, a branch in a community or region will fill the need for a physical bank location.

However, a reduction in location conflicts may affect a UBS branch. At each pair of locations, it is checked how high the respective rents are, which bank branch writes better numbers, and which location is rated better overall.

How many hits?

CS had already announced a reduction in branch locations in November 2022, of which every eight CS branches fell victim by the end of February. About 600 bank branches have disappeared in Switzerland in the last ten years. The main reason for this was digitization, but now the merger of CS and UBS is causing a new uncertainty among employees. All hope is not lost: UBS can keep CS as an independent subsidiary under its own brand, as some politicians have demanded. Or the resulting gap could be replaced by regional and cantonal banks with new branches that will later require staff.

It will soon be clear where the lights will go out. Thomas Schneider (66) of Cham ZG leaves with these words: “CS itself has swallowed up other banks. You get used to anything.”

Source :Blick