Though the number of job cuts is undisclosed and the effect of cuts on non-core markets such as Spain, Sweden and Luxembourg are unclear, the bank plans to axe jobs before the new head arrives in August 2012, Reuters stated.
Reuters reported Vontobel spokesman Reto Giudicetti as saying that the cuts are the result of a renewed focus on Vontobel’s core markets, which are Switzerland, Germany, Italy, US, Austria and emerging markets such as Hong Kong, where Vontobel runs a small office.
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He also added that the cut is unlikely to effect Vontobel’s flagship investment banking arm.
Currently Vontobel employs about 1,400 people, 398 of whom work in the private bank, including 203 relationship managers.
It was in March 2012 that Vontobel had said about replacing private banking head Peter Fanconi, a former fund-of-hedge fund specialist it had installed three years ago, with Danske Bank’s chief operating officer, Georg Schubiger.
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