Switzerland’s largest state-controlled regional bank plans to shut a number of branches by 2020. What does this mean for the bankers affected?
Zuercher Kantonalbank will close seven offices in the next two years as increased use of online banking services replace the traditional counter-based banking services, it said in a statement on Wednesday.
However this will not lead to significant job losses and all affect staff will be offered alternative internal employment opportunities, it said.
The offices affected are in Embrach, Erlenbach, Marthalen, Bonstetten, Hausen am Albis, Langnau am Albis and Albisrieden, with service counters, where deposits and withdrawals can be made. The sites will retain the cash machines, it said.
Second Round
From the bank’s perspective, the traditional counter-based service locations are rapidly losing their importance, and Zuercher Kantonalbank began shutting offices back in 2015, with the talk then of losing around one-third of the 80 branches.
However this strategy is a controversial one since its state mandate requires it to deliver a certain level of service. Especially since other rival regional banks, like Bern-based Valiant, are in the process of expanding their counter-service locations.
