FRANKFURT Dec 18 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 Dec.
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
(Reporting by Jonathan Gould; Editing by Hans-Juergen Peters)