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UBS Announces Immediate Branch Closures Ahead of February Deadline

  • By The Swiss Times
  • 15 February 2024

UBS sets a rapid pace with imminent branch closures across Switzerland, starting in the capital, signalling a shift towards digital banking transformation.

UBS Announces Immediate Branch Closures Ahead of February Deadline
Keystone/SDA – ENNIO LEANZA

UBS Chief Sergio Ermotti unveiled a swift timeline for UBS branch closures at the last press conference, indicating a significant reduction by the end of 2024. According to claims from Insider Paradeplatz. The bank’s rapid action has surprised many, with closures beginning much sooner than anticipated.

Notices of closure have already surfaced, notably at Bern’s Breitenrainplatz, where operations will cease in 10 days. This move comes shortly after extensive renovations, branding Breitenrain as a modern banking experiment just four years prior. As well as a short time after the 4000 layoffs at the end of Q4. The location was once hailed as the future of banking, now directing customers to alternative services or helplines for banking needs.

This trend is not unique to Bern, as UBS has historically invested heavily in its Swiss branch network, akin to its counterpart, CS. However, the strategic withdrawal from these investments highlights a shift towards digital and centralized banking services despite the potential for significant local impacts.

The consolidation of UBS and CS branches will likely lead to a reduced network, with Ermotti hinting at a future count close to UBS’s current standing rather than the combined total. This reduction raises questions about the fate of the redundant spaces in prime locations, urging a need for innovative real estate solutions to avoid vacancies.

As Switzerland faces these banking transformations, the community looks towards adaptive reuse of these prime locations, potentially for residential or commercial purposes, amidst evolving banking practices.

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