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EFG International says to cut up to 450 jobs in BSI integration
December 8, 2016 / 7:56 AM / in a year

EFG International says to cut up to 450 jobs in BSI integration

ZURICH (Reuters) - Swiss private bank EFG International (EFGN.S) said on Thursday it expects to cut up to 450 jobs between 2017 and 2019 as it laid out planned savings from its newly acquired BSI Bank.

The logo of Swiss bank EFG International is seen at its headquarters in Zurich, Switzerland February 22, 2016. REUTERS/Arnd Wiegmann

In an update on the savings from the BSI deal, EFG said approximately 100 to 150 job cuts are planned over the three years across EFG and BSI, with two thirds expected to take place in Switzerland. EFG has around 3,800 employees.

Zurich-based EFG also upped the targeted cost savings from the BSI deal by 55 million Swiss francs (43.23 million pounds) to around 240 million francs by 2019.

Reporting by Joshua Franklin

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