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Credit Suisse to consolidate its processing activities at its sites in Geneva and Zurich

New locational structure for Credit Suisse service centersCredit Suisse announced today that it will consolidate its processing activities over the coming months and focus them on its sites in Geneva and Zurich. These units will also take on the processing work currently performed in Berne and Mendrisio and will each specialize in specific processing functions going forward. The consolidation process should be completed by the end of 2006 and will result in the reduction of around 45 posts. This will not have any impact on client service in the various regions.

As a result of the increasing use of online banking by clients, the automation of processing procedures and fluctuations in volumes, not all of the existing four processing units have the critical size that is required to operate efficiently and cost-effectively.

Credit Suisse is responding to these trends with the geographical consolidation of its processing units. In the course of the transfer of the processing activities, Geneva and Zurich will each specialize in specific processing functions. This will lead to an increase in processing volumes for their respective services and result in the more balanced utilization of capacities. Overall, this move will pave the way for more efficient and cost-effective processing. The parallel decision by the Neue Aargauer Bank to transfer its processing activities to Credit Suisse will further underpin these measures.

The transfer of processing activities will result in the reduction of around 45 posts at Credit Suisse over the next 12 months. The relevant social partners are involved in these measures.

All other areas of Credit Suisse in the cantons of Berne and Ticino are not affected and remain in the regions. This applies in particular to the current branch network with client-related activities in retail and private banking, as well as to the corporate client business for SMEs in Switzerland, based in Berne.