Bitcoin Suisse Cuts Up to 60 Swiss Jobs Amid Global Expansion

Bitcoin Suisse has announced that it will be cutting up to 60 jobs in Zug, Switzerland as part of its restructuring efforts. The company said that software development and back-office capabilities will increasingly be consolidated in its international hubs.

The firm is also closing its IT development site in Copenhagen, while keeping its headquarters in Zug as the main center for wealth management. Bitcoin Suisse has an international hub in Bratislava and aims to establish another in Vietnam, with offices also in Liechtenstein, Abu Dhabi, and Bermuda.

Group CEO Andrej Majcen said that cost was a key factor in the decision, stating that operating certain services in Bratislava and Vietnam would be 'significantly less expensive' than keeping them in Switzerland. Majcen framed the restructuring as part of Bitcoin Suisse's plan to expand internationally and build a broader wealth and asset management business.

The exact number of jobs ultimately eliminated will become clear once a ten-day consultation process is completed, with the first layoffs expected to take effect before the end of this year. The company's client-facing wealth management activities are expected to remain centered in Switzerland.