The move has been made following a trend seen within Europe and North America. The bank is making substantial changes at it’s Swiss Universal Bank (SUB) to tackle a new environment shaped by growing pressure on margins, digitisation, new rivals and evolving, tech-focused customer needs.

SUB CEO, Thomas Gottstein, said: “Maintaining the status quo was not an option - not least because we believe that the achievement of long-term success will not depend on having the biggest branch network in the future. Instead, having the best digital offering - combined with access to advice from any location and the best service quality - will be the deciding factor.”

To achieve this aim, around one million retail customers and 60,000 commercial clients will now be serviced by a new Direct Banking business headed up by former IT and operations chief Mario Cramer. Investment banking will be a separate unit.

Credit Suisse has not provided any information regarding branch closures but plans to invest “high three-digit million range” in its client business by the end of 2021. The investment will be especially geared towards digitalisation, hiring for client advisory roles, and marketing.

The focus on digital services is not just about saving money but also increasing market share, with Credit Suisse acknowledging that it suffers in retail banking, especially among younger people.

Credit Suisse stresses that despite the move away from branches, it will “place an even greater emphasis on personal contact options” including through expanded telephone advisory services.