Vontobel is planning to cut an undisclosed number of jobs, the latest Swiss private bank seeking to lower costs as the industry braces for lost revenue due to pressure on the country to stop harbouring tax evaders.
Vontobel spokesman Reto Giudicetti confirmed comments by Chief Executive Zeno Staub in an interview with the Handelszeitung newspaper on Thursday that the bank would have to lose an unspecified number of positions.
Giudicetti said the cuts, announced shortly before a new private banking head starts in August, are the result of a renewed focus on Vontobel’s core markets, which are Switzerland, Germany, Italy, the United States, Austria and emerging markets such as Hong Kong, where Vontobel runs a small office…
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Posted by vivek | September 14, 2012, 9:57 am