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.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

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).

 

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.

Company Profile – free sample

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 GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.