Berenberg Bank, one of the world’s oldest banks, has lost its co-head of private banking in the UK, Private Banker International can exclusively report.
The sudden departure of Ross Elder last week will come as a shock to the City. He joined the German bank as recently as December 2011 to spearhead the UK operations along with co-head Fred Hervey.
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Private Banker International can reveal that Berenberg began to cut its staff in the London office over the past few weeks, according to sources familiar with the situation.
It is understood that Elder resigned from his position after the cuts and offered his resignation.
A source familiar with the situation confirmed that he had resigned but that: "they didn’t think it was confirmed yet."
The staff cuts come less than two years after Berenberg established a private banking business in the UK.
At the time, managing partner of Berenberg Bank, Andreas Brodtmann was positive about the UK market . He said: "The UK offers a dynamic entrepreneurial market for us, with good long-term prospects for wealth creation, within which we can add significant value to our clients."
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By GlobalDataElder joined Berenberg from Barclays Wealth where he had been a director, managing relationships with the ultra high net worth clients and was voted one of the top ’40 stars under 40′ in 2009.
The cuts come as private banks such as Credit Suisse and Barclays struggle to maintain profitability and retrench to their core markets.
The company declined to comment.
