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.
Go deeper with GlobalData
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."
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
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.
