FRANKFURT Credit Suisse said it will cut 30 percent of its private banking workforce in a move to increase profitability as it fights to win more business with ultra-wealthy clients in a tough market.
Nearly 500 people currently work in the Swiss bank's private banking operations in Germany, Europe's biggest economy, but 150 of those are to go over the next two years as the bank streamlines operations, cutting branch offices to nine from 12.
The move follows rival UBS's announcement on December 4 that it would trim 35 jobs and close four branches.
Both banks said they were facing a difficult market environment and that Germany remains an important market.
Credit Suisse said it would merge its branches in Duesseldorf and Cologne into a single unit in 2013 and would also concentrate its Bielefeld, Braunschweig and Hanover offices in Hanover.
(Reporting by Jonathan Gould; Editing by Hans-Juergen Peters)