The Zurich-based banking software firm may not have to cut as many jobs in southern Switzerland as originally planned.
Last month, Avaloq said it would cut as many as 60 employees at its Ticino-based sourcing division due to overcapacity after two partners – Generali and Banca della Svizzera Italiana, or BSI – quit long-term contracts.
On Thursday, the Swiss firm said the cuts wouldn't be as deep as originally planned – Avaloq will let go 37 staff. As is customary in Switzerland, Avaloq will make use of early retirement plans, voluntary layoffs, and internal job placements.
