Swiss lender Credit Suisse (CS) is gearing up to axe 30% jobs equivalent to 150 in its German private banking unit, in a bid to boost profitability and focus on more high net-worth clients.
The lender has also decided to trim branch offices to nine from current 12 over the next two years, as reported by Reuters.
The company, which employees nearly 500 staff in the country, said that Germany remains an important market.
Further, the company has decided to integrate its Duesseldorf and Cologne branches into a single unit in 2013 and would also focus its Bielefeld, Braunschweig and Hanover offices in Hanover.
The job cut is part of Credit Suisse’s previously announced strategy to save CHF4bn ($4.37bn) in annual operational costs by 2015.
The announcement comes at a time, when its competitor UBS has announced to slash of 35 jobs and close four branches in the country.