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

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Switzerland's Raiffeisen to cut jobs, aims for $100 million savings
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Raiffeisen Switzerland is cutting up to 200 jobs as it targets 100 million Swiss...

FILE PHOTO: The logo of Swiss Raiffeisen bank is seen at its headquarters in St. Gallen, Switzerland July 14, 2018. REUTERS/Arnd Wiegmann/File Photo

The cooperative bank said it is creating a “Raiffeisenbank Services” department to support activities including back-office activities and marketing. A second new department, called “Business Customers & Branches,” will contain the services that Raiffeisen offers directly to customers. The St. Gallen-based lender’s was also criticized by Swiss financial supervisor FINMA after it unearthed serious breaches.

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