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Switzerland's Raiffeisen to cut jobs, aims for $100 million savings

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By Reuters
Switzerland's Raiffeisen to cut jobs, aims for $100 million savings
The logo of Raiffeisen Bank International (RBI) is pictured on its headquarters in Vienna, Austria March 13, 2019. REUTERS/Leonhard Foeger   -   Copyright  LEONHARD FOEGER(Reuters)

ZURICH (Reuters) – Raiffeisen Switzerland is cutting up to 200 jobs as it targets 100 million Swiss francs (76.18 million pounds) in annual cost savings, the nation’s third-largest bank said on Thursday, as it reorganises in the wake of fraud allegations against its former chief executive.

“In addition to structural optimization, Raiffeisen Switzerland wants to increase its efficiency,” the lender said. “Through a systematic review of personnel and material costs, a savings target of up to 100 million francs is to be achieved. At Raiffeisen Switzerland, a maximum of 200 jobs will be affected.”

(Reporting by John Miller, editing by John Revill)