EFG to Implement Cost Cutting Measures
EFG International has lifted its cost cutting target for BSI from 185 million to 240 million Swiss francs annually. From next year onwards, the bank will cut up to 150 jobs every year. The cuts will be focused in Switzerland, Zurich, Lugano. It also plans to cut its spending through disposals and closing booking centres such as a BSI branch in Panama.
The reason behind the dramatic cuts are the costs to integrate BSI have increased from EFG’s original forecast of 200 million Swiss francs.
News Source: Finews Asia
European Financial Group International (SIX:EFGN) is a multinational Swiss private banking group offering private banking and asset management services. It was formed in 1995 by Jean Pierre Cuoni and Lawrence D. Howell, and five others. The genesis of the bank was by the acquisitions of both the right to operate from the Zurich office of Banque de Deposits and the Swiss operations of the Royal bank of Scotland.
- Origin : Zurich, Switzerland
- Assets : CHF 26.8 billion
- Revenue : CHF 696.7 million
- Employees : 2,600
Official Website: www.efginternational.com
News & Media: Press Release
Updated on 8th August 2016