Raiffeisen plans up to 180 job cuts despite profit surge

Up to 180 jobs are now at risk as Raiffeisen Switzerland targets CHF60 million in savings by 2027. The announcement came on August 26, 2026, just as the country’s second-largest banking group reported a sharp rise in earnings.

Raiffeisen said the programme will reduce staff and operating costs across the group. The potential job losses affect up to 180 of its 10,989 full-time positions, based on the workforce recorded at mid-year. The bank expects more than half of the affected roles to disappear through natural turnover, the removal of vacant positions, fewer external contractors and early retirement schemes.

The scale of the cuts remains subject to implementation. Raiffeisen has not described the plan as a single wave of compulsory redundancies. Its approach points to a gradual restructuring of the workforce and operating model.

The timing places the decision in sharp focus for employees and Switzerland’s regional banking network. Raiffeisen operates 748 branches, giving it a presence in towns and rural areas far beyond the country’s main financial centres. New CEO Gabriel Brenna is overseeing the group as it seeks to improve long-term sustainability while maintaining that its business remains on a strong footing.

Net profit climbed 18.9% to CHF659 million in the first half of 2026. Operating profit rose 17.1% to CHF785 million, while operating income increased 7.6% to CHF2.04 billion.

Net interest income remained Raiffeisen’s dominant revenue stream, accounting for about 70% of total income. It grew 6.3% to CHF1.41 billion. Income from commissions and services increased 8.4% to CHF397 million, helped by the group’s expansion in investment services.

Trading income provided another lift, rising by almost a quarter to CHF169.4 million. Raiffeisen attributed much of that increase to stronger client activity in foreign exchange and precious metals trading during a period of higher market volatility.

Costs also rose, though at a slower rate than revenue. Operating costs reached CHF1.16 billion, an increase of 3.0%. Staff costs grew 4.0%, reflecting targeted investment in customer advisory services at branches. The gap between income and costs helped push the cost-to-income ratio down to 56.8%, from 59.4% in 2025. The banking sector generally regards a ratio below 50% as very strong.

Raiffeisen’s restructuring will unfold against a difficult Swiss banking labour market. The group says more than half of the potential reductions can be handled without directly replacing departing staff, removing unfilled posts, reducing contractor numbers and offering early retirement.

That strategy could limit the number of immediate dismissals, although it still changes employment prospects inside the organisation. The bank’s workforce has expanded in areas where it sees commercial opportunity, particularly customer advice and investment services. The savings plan will now require management to identify which activities, functions and vacancies can be consolidated.

The wider market offers little certainty for people leaving banking. Swissinfo reported that 4,474 former Swiss bankers were registered as unemployed in June 2026, a 24% increase over 12 months. That figure highlights the pressure facing professionals who might previously have expected to move quickly between financial institutions.

Raiffeisen’s use of natural turnover and early retirement may spread the impact over time. It also leaves employees, regional branches and contractors watching for decisions about where the group will reduce capacity. The bank has not provided a detailed breakdown by canton, business line or location.