UBS to close more branches
UBS is to close 1 in 5 of its branches in Switzerland with the loss of 150 jobs.
The head of the bank, Axel Lehmann, sent a mail to all staff saying 44 of 240 branches will go.
The closures are on top of the 28 which went last year. The bank says it will move to expand its online services.
Also, there’s bad news for savers. UBS will follow the central bank and Post Finance and start paying negative rates on accounts with more than CHF 250,000. The limit is down from the current CHF 2m.
It will charge minus 0.75% on large accounts.
But the bank says that affects less than 5% of customers.