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BANK

Swiss exchange probes Credit Suisse

The Swiss Bourse has opened an investigation into banking giant Credit Suisse over possible trading violations, it announced on its website on Thursday.

Swiss exchange probes Credit Suisse
Giorgia Xenakis (File)

The investigation was into “possible breaches of the obligations regarding the disclosure of management transactions,” said a statement from SIX Exchange Regulation, the regulatory arm of the SIX Swiss Exchange.

“The investigation is connected to the late publication of a management transaction regarding 1,400 registered shares in Credit Suisse Group…,” it said.

While it would announce the results of its investigation, it would make no further statement during the course of the probe, it added.

Last Month, Credit Suisse announced a deal with German authorities to end a tax evasion probe, saying that it would pay €150 million ($205 million) to settle the case.

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BANK

Credit Suisse slashes jobs, branches to move ‘online’

Credit Suisse, Switzerland's second-biggest bank, said Tuesday it would reorientate its domestic services towards digital banking, with a quarter of its Swiss branches to close and hundreds of jobs at risk.

Credit Suisse slashes jobs, branches to move 'online'
A Credit Suisse branch. Photo: FABRICE COFFRINI / AFP

“In the last two years alone, use of online banking at Credit Suisse has grown by approximately 40 percent, while the use of mobile banking has more than doubled,” the bank said in a statement.

“The COVID-19 crisis has further accelerated these trends. In contrast, the number of visits to branches has been declining for years.

“Credit Suisse will introduce a new digital offering and a future-oriented branch concept at the end of October.”

The bank also plans to merge the activities of regional subsidiary Neue Aargauer Bank with those under the Credit Suisse brand to avoid duplication.

READ: How to open a bank account in Switzerland 

With its realignment, the bank intends to reduce annual costs by around 100 million Swiss francs ($110 million, 93 million euros) from 2022 onwards. It plans to cut the number of bank branches from 146 to 109.

Meanwhile up to 500 jobs could be axed, Andre Helfenstein, head of the bank's operations within Switzerland, told reporters during a conference call.

The restructuring costs are expected to be 75 million Swiss francs. “Digitalisation is happening all around us,” Helfenstein said in a statement.

“The changes we are making to our branch network — while simultaneously investing in digital solutions and in advisory services for clients with more complex needs — represent a logical step forward.”

In late July, the bank's new chief executive Thomas Gottstein unveiled his plans for Credit Suisse, which involved regrouping its different investment bank activities.

Gottstein took charge in February after Tidjane Thiam was ousted over a massive spying scandal.

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