Switzerland’s Raiffeisen to cut jobs, aims for $100 million savings

FILE PHOTO: Logo of Swiss Raiffeisen bank is seen in St. Gallen
FILE PHOTO: The logo of Swiss Raiffeisen bank is seen at its headquarters in St. Gallen, Switzerland July 14, 2018. REUTERS/Arnd Wiegmann/File Photo

April 4, 2019

ZURICH (Reuters) – Raiffeisen Switzerland is cutting up to 200 jobs as it targets 100 million Swiss francs ($100 million) in annual cost savings, the nation’s third-largest bank said on Thursday, as it reorganizes in the wake of fraud allegations against its former chief executive.

“In addition to structural optimization, Raiffeisen Switzerland wants to increase its efficiency,” the lender said. “Through a systematic review of personnel and material costs, a savings target of up to 100 million francs is to be achieved. At Raiffeisen Switzerland, a maximum of 200 jobs will be affected.”

(Reporting by John Miller, editing by John Revill)

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