Last month, Avaloq said it would cut as many as 60 employees at its Ticino-based sourcing division due to overcapacity after two partners – Generali and Banca della Svizzera Italiana, or BSI – quit long-term contracts.

On Thursday, the Swiss firm said the cuts wouldn't be as deep as originally planned – Avaloq will let go 37 staff. As is customary in Switzerland, Avaloq will make use of early retirement plans, voluntary layoffs, and internal job placements.