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ZURICH - Raiffeisen Switzerland is cutting up to 200 jobs as it targets 100 million Swiss francs ($100 million) 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)