Union Bancaire Privee (UBP) plans to cut around 300 jobs from the international private banking arm of Lloyds Banking Group, which it recently acquired, sources familiar with the matter told Reuters.
In May, UBP has agreed to acquire Lloyds Banking Group’s international private banking arm as the British bank sheds assets to shore up capital and the Swiss wealth manager presses on with a recent buying spree.
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As of 31 March 2013, the assets under management of Lloyd’s international private bank were approximately £7.2 billion and the total balance sheet assets were approximately £729 million.
"There will be synergies but it is premature to provide any figure at this stage," said by UBP’s spokesman Jerome Koechlin in an emailed response to Reuters.
The employees working on accounts of "ultra high net worth" individuals – generally clients with $25 million or more in liquid assets – would be ring-fenced, one of the sources told Reuters.
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