UBS will close 85 branches in Switzerland of its combined operations with Credit Suisse by 2025 as part of its consolidation of its former rival, Swiss media reported today.
The Aargauer Zeitung said the closures would be where UBS and Credit Suisse branches stood in “immediate proximity”, and that a pilot phase for the process would begin in April.
During a regular earnings call in February, UBS CEO Sergio Ermotti said ending branch duplication was part of the bank’s plan to cut costs at the combined business.
A UBS spokesperson said UBS currently had about 190 branches across Switzerland and Credit Suisse, 95.
At the end of the process, UBS would continue to cover the same places the two banks did currently, but the combined total number of branches would fall by about a third, the spokesperson said.
UBS is in the process of absorbing the business of Credit Suisse, which it acquired in 2023 after the smaller bank collapsed in the wake of a series of financial problems.