Credit Suisse's branch at Werdmühleplatz in Zurich, a location with historical significance within the bank, is set to close by the end of November 2024 – bringing an end to a notable chapter in Swiss banking tradition.
Credit Suisse (CS) recently informed clients of the closure of its branch at Zurich's Werdmühleplatz, citing evolving customer needs as the primary reason. However, the move also aligns with CS' ongoing integration into UBS, which operates a branch less than 50 meters away.
While the closure may appear inconsequential on the surface, the «Haus zur Werdmühle» holds a storied place in CS's history. For many years, this location, previously operated by CS' predecessor bank SKA, served as a prestigious «Stöckli» for retired general directors of the bank.
Secretarial Services After Formal Retirement
Haus zur Werdmühle in Zurich (Image: Keystone)
At the «Haus zur Werdmühle», former senior executives of Credit Suisse had private offices, complete with secretarial support, allowing them to continue contributing to the bank’s operations. This exclusive privilege was introduced by Rainer E. Gut, the former head of SKA and later honorary chairman of CS. While former CEO Oswald J. Grübel attempted to challenge this tradition during his tenure, he met with little success.
Notable former executives such as Ernst Schneider, William Wirth and the late Kurt Widmer were among those who enjoyed this benefit, maintaining access to both office space and secretarial services long after their formal retirement.
Sabine Keller-Busse Worked There Too
Hans Nützi, former CEO of Credit Suisse’s private banking arm Clariden Leu, was also among those who had an office at Werdmühleplatz. Even Sabine Keller-Busse, now head of UBS Switzerland who is leading CS’ integration into UBS, worked from Werdmühleplatz 4 as CS’ regional head then.
In 2019, CS announced plans to sell the property and lease it back under an «asset deal» managed by real estate firm Jones Lang LaSalle. The property covers a total area of 4,800 square meters, further cementing its importance in the bank's real estate portfolio.
As the curtains close on this historic branch, it signals not only a shift in customer needs but also a significant step in the merging of two Swiss banking giants.
