EFG International is closing its Lugano office due to challenging financial conditions.
EFG said that it is closing the branch, which has been open since 2010, because it had not made the progress expected.
The Swiss bank will now focus exclusively on their private banking businesses in Zurich and Geneva.
Latest part of restructure
This closure is part of a major strategic review that began in October and is expected to see the Swiss private bank cut staff by 10-15% over the next 18 months, reduce its offices and booking centres internationally and publicly list EFG Financial Products.
Earlier this month, EFG International sold its Denmark unit.
EFG International currently operates in 30 countries with approximately 2,500 employees and $85.7bn in assets under management.