Union Bancaire Privée (UBP) has cut 100
operational and IT jobs as part of the integration of ABN AMRO’s
Swiss private banking business.
The Swiss bank bought ABN AMRO’s Swiss
operations last August which included €11bn ($16bn) in client
assets under management (AuM) and about 350 staff in Zurich,
Geneva, Lugano, and Basle.
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The cuts are the latest signs of the pressures
on the Swiss private banking sector, whose profits slumped 9% in
2011 to a total of CHF299m ($314m).
The extremely delicate economic situation and
the strength of the Swiss Franc, in which banks’ cost are
compressed, played a major role in making this the most “turbulent
period” of the last 30 years for Swiss wealth managers, according
to Nicolas Pictet, chairman of the Swiss Private Bankers
Association (SPBA).
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