Commerzbank is closing five offices in Switzerland as part of its restructuring, finews.com has learned.
Commerzbank is closing offices in Lucerne, Lausanne, Basel, Bern and St Gallen by the end of this year and will pull its Swiss operations into its Zurich location, a spokesman for the bank told finews.com on Monday.
The move comes after the bank announced it was cutting 10,000 jobs on Friday as part of a radical overhaul. Commerzbank has 1,500 Swiss corporate clients, with a loan book of 10 billion euros ($10.9 billion), which will be managed from Zurich.
The bank currently employs 100 people in Switzerland. Marc Steinkat, head of Commerzbank in Switzerland, said these positions were not immediately affected by headcount reductions, although he could not rule out redundancies.
