The Swiss bank Swiss National Bank has announced it will close its US operations on Jan. 1, after months of declining returns, in what could be the last time the world’s biggest bank goes private.
The bank said it had received orders to close its headquarters in New York and Washington and will continue to focus on the US market.
The decision follows months of uncertainty over the bank’s future.
“We are not able to provide a sustainable business environment for our customers, and our shareholders,” the bank said in a statement.
“Our long-term growth depends on the growth of the global financial market and we will continue our efforts to drive a more competitive business environment.”
The bank’s move to close US operations follows a spate of high-profile bank failures around the world, including the Royal Bank of Scotland, Bank of New York Mellon, Barclays and Citigroup.
In the US, the SNCB has been rocked by the loss of nearly half its US assets in a string of bad bank deals.
The US has seen the worst run of the financial crisis since the late 1990s, with more than 1,400 banks failing in the last three years.
SNCBank chief executive Matthias Schiller said the bank will continue operations in the US.
“The US market is still a very competitive market,” he said.
“It is still the largest market in the world.
It is a market where we have been able to grow and grow and create jobs.
The announcement follows months in which US investors have poured more than $3 trillion into the SNAB over the last two years, but the bank is struggling to meet that demand amid its ongoing losses. “
But we will not be able to deliver our customers the return that they have come to expect from us.”
The announcement follows months in which US investors have poured more than $3 trillion into the SNAB over the last two years, but the bank is struggling to meet that demand amid its ongoing losses.
In December, SNABank reported a $8 billion loss for the year.
The company is still seeking $2.3 billion in additional funding from investors.
Investors are expected to give SNABransdensdensbank a final approval on Thursday.