Credit Suisse announces NAB merger, job cuts

Tuesday, 25. August 2020 11:41

Credit Suisse AG Group revealed on Tuesday that the bank will integrate its Neue Aargauer Bank AG subsidiary with its main unit, while also closing 37 branches across Switzerland and making a cut of up to 500 jobs.

The bank explained the decision by saying it was backed up by research which showed a rising trend in the use of online banking services, especially after the coronavirus pandemic. The merger will take place in November, while the finalization is expected to take place in the second half of 2021. By making this move, Credit Suisse expects to save around 100 million Swiss francs ($109.7 million) per year from 2022.

"NAB has a long tradition, and the merger was not an easy decision to take following the successful coexistence of these two strong brands. However, we are convinced that in today's rapidly changing environment, we are taking the right step by offering our clients in Aargau one combined offering in the future based on the solutions and vast expertise of the entire bank," Swiss Universal Bank division CEO Andre Helfenstein said.

Related Links: Credit Suisse Group
Breaking the News / AM