Swiss Raiffeisen is said to be cutting every tenth job at its headquarters. The cuts are reportedly a result of reforms following a major scandal involving its former CEO.
«Reform 21» is baring its teeth: the program of 246 Raiffeisen Swiss banks to restructure will cost up to 200 people their jobs, publisher «CH Media» reported on Thursday. The bank employs 2,181 people in total, compared to 11,000 across all the member Raiffeisens in Switzerland.
The 1,233 people at its headquarters in St. Gallen are mainly in information technology and other banking services. The media report didn't specify which departments would be hit with cuts.
The reforms follow a 15-person working group under new Raiffeisen chairman Guy Lachapelle and Kurt Sidler, who runs the cooperative lender in Lucerne. Raiffeisen recently took a hefty write-down on an era of copious dealmaking by former CEO Pierin Vincenz.
