Before his departure as head of UBS Switzerland, Axel Lehmann is cracking down on the branch network. According to media reports, dozens of branches are to be eliminated.
After the cuts at Credit Suisse (CS) in August 2020, UBS is now apparently also laying hands on its network of branches. The CH-Media newspapers (behind paywall) had first reported on this on Monday evening; following a story in «NZZ» (behind paywall), the country's largest bank confirmed that it would close 44 of the 239 branches it operates in Switzerland – all of them in the first quarter.
The list of affected branches is already in place, and the cuts will be spread across Switzerland, UBS said. Small branches, in particular, are apparently on the list, it added. They are to be replaced primarily by the digital channel.
«NZZ» further quoted the big bank as saying that there will be no layoffs at the moment. The approximately 150 employees affected are to be kept on in other branches and areas if possible. For this purpose, the institute is in close exchange with the employee representatives.
Major Downsizing
UBS's branch network was sacrosanct in Switzerland for a long time. However, in the last three years, it has shrunk from 300 to 240 branches. Now, another major downsizing step is apparently imminent, to be decided under the aegis of the outgoing head of Switzerland: Axel Lehmann will hand over to the current operational head of the banking group, Sabine Keller-Busse, at the end of the month.
Since last November, Dutchman Ralph Hamers, a dedicated digitizer, has been leading the big bank as CEO; rumors had it that he would set the first signs in the home market. This has now happened more quickly than expected.
