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Banca del Gottardo launches cost-cutting programme

25.04.2002

After announcing changes in the top echelons of its management structure, Banca del Gottardo is carrying out reorganisation measures aimed above all at making the company's own services more efficient and reducing overheads. This programme, backed up by the implementation and expansion of various automated work processes achieved in the course of 2001, will also involve a reduction in the number of jobs (about 120 positions to be cut), bringing the total work force at the parent company back to the year 2000 level.
The reorganisation's objectives include an additional reduction of 10% to 15% in total costs and the elimination of duplications of effort by centralising various activities. Analyses conducted so far indicate a need to reduce staff by around 120 positions at parent company level. Roughly 70% of this will affect the head office and branches in Ticino, while the remaining 30% will occur at branches elsewhere in Switzerland and abroad. The reduction will be achieved wherever possible through early retirement and natural attrition, as well as part-time working and transfers to other operating units in the Banca del Gottardo and Swiss Life/Rentenanstalt groups. Some lay-offs will nevertheless be unavoidable, but current estimates indicate they will not amount to more than 75 full-time equivalents (about 50 in Ticino and the balance in the rest of the network). All possible precautions will be taken to ameliorate the impact of these moves, and various support measures are planned for employees who have to leave the bank.

In view of the complexities involved and the operating requirements of each division, different deadlines are being set for the work-force reductions, with the aim of bringing the process to a close by the end of the year.

The programme concerns the parent company alone. With regard to affiliates, particularly in Italy, the bank is still pursuing a business development plan providing for an expansion in personnel - which has already started and will proceed apace - thereby enhancing the opportunities it can offer its staff to broaden their professional experience and skills throughout the international network.

For information:
Banca del Gottardo
Franco Rogantini
Media Relations
Viale S. Franscini 8
CH-6901 Lugano

Tel. +41 91 808 33 60
Fax +41 91 923 94 33
ranco.rogantini@gottardo.com
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