UBS starts merging branches at five pilot locations
Published: Friday, Mar 8th 2024, 11:20
Updated At: Friday, Mar 8th 2024, 11:20
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Following the takeover of CS, the major bank UBS is now starting the expected streamlining of its branch network in Switzerland. From April, the big bank plans to merge the UBS and CS branches in five municipalities to form "pilot branches". By the end of 2025, UBS and CS bank branches are expected to be merged at a total of 85 locations across Switzerland.
The five "pilot locations" are Mendrisio in Ticino, the Jura canton capital Delémont, the Aargau municipalities of Rheinfelden and Frick and Grenchen in Solothurn, as confirmed by the UBS media office on Friday according to information from CH-Media newspapers and other media. The existing UBS and CS employees will be brought together in one location. In Grenchen, for example, the CS branch will be closed, while the UBS branch in Rheinfelden will be closed.
The big bank apparently wants to gain "experience" with these combined pilot branches. The mergers are to continue over the course of the year: According to the newspaper report, a further 20 or so Swiss locations are apparently to be consolidated in the third quarter.
The branch streamlining had already been announced at the annual media conference at the beginning of February. At that time, CEO Sergio Ermotti stated that the total number of UBS branches would "move towards the number of UBS branches before the integration". More precise details will emerge by the end of 2025. There are currently around 190 UBS branches and around 95 CS branches in Switzerland. At 85 locations, there is both a UBS and a CS branch.
All employees at the five pilot locations will now keep their jobs for the time being. In the longer term, however, the integration of CS into UBS is also likely to lead to job losses in Switzerland. UBS CEO Ermotti had already announced last summer that the merger of the big banks could lead to 3,000 redundancies in Switzerland.
©Keystone/SDA
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