Swiss private bank Union Bancaire Privee (UBP) is planning to slash 110 to 160 jobs initially after acquiring Coutts International from RBS, Reuters reported citing undisclosed sources.
The Swiss bank plans to take on between 290 and 340 people from Coutts out of an overall 450 in Europe, the Middle East and Africa (EMEA), the report says.
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EMEA operations of Coutts are mainly based in Switzerland, but it also has operations in Monaco and Dubai.
Out of the employees taken on, up to 150 will be tasked with winding down the international business of Coutts. The winding down process is scheduled to be completed by the end of 2017.
Staff targets for Coutts’ Asian operations, which employ nearly 400 staff, will follow in a separate step next month. However, they are not expected to be as harsh as in EMEA as the Swiss private has a limited presence in Asia, the source told the publication.
Recently, UBP chief executive Guy de Picciotto in an interview said UBP intends to take on 60 to 70% of client money held by Coutts International.
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