ZURICH Nov 9 Credit Suisse will merge
its retail and private banking arms in Switzerland from January,
in a move which will cost 300 jobs at the Swiss bank and save 50
million Swiss francs ($52.76 million).
The restructuring is part of an extra 1 billion Swiss francs
in cost cuts announced by Credit Suisse two weeks ago as part of
efforts to bolster its profits and capital position.
Credit Suisse executive Christoph Brunner, currently head of
Swiss retail operations, will lead the streamlined unit, the
Rolf Boegli, who is currently operating chief at the private
bank, will lead a separate unit of ultra-high net worth clients
in Switzerland -- typically those with more than $50 million in
bankable assets -- as well as asset managers.
The current head of private banking in Switzerland, Arthur
Vayloyan, will leave Credit Suisse, the bank said. Vayloyan
wasn't immediately available for comment.
Switzerland's $2 trillion offshore financial sector has come
under attack in recent years, as cash-strapped governments eager
to plug holes in their budgets fuel an international campaign
against tax evasion. Swiss private banks are bracing for a slide
in revenue and profits from the downturn by slashing costs.
Domestic rival UBS said last week it will fire
10,000 staff and wind down its fixed income business, returning
to its private banking roots.
($1 = 0.9477 Swiss francs)
(Reporting By Katharina Bart; Editing by Elaine Hardcastle)