Union Bancaire Privee (UBP) plans to cut between 110 and 160 jobs initially after buying the international business of wealth manager Coutts from Britain's Royal Bank of Scotland, a source familiar with the matter told Reuters on Thursday.
The contract changes, which affect all staff with revenue-based variable remuneration, will be phased in over three years from next January.
A luxury boutique in China. According to the Gini index, the degree of wealth concentration in China has risen by a third in the past 35 years. This disparity fuels perceptions that the deck is stacked in favour of the rich.
The largest Swiss banks UBS and Credit Suisse may have to keep working on their balance sheet quality over the next few quarters, as the Swiss National Bank is pushing for stricter rules governing their leverage ratio requirements.
UBS and Credit Suisse, with business operations spanning the globe and headquarters a few blocks apart in Zurich, have long been fierce rivals.
It is the year of anniversaries in the Berenberg world. In 2015, not only is Germany’s oldest private bank celebrating its 425th birthday, the Berenberg Polo Derby is also being staged from the 15th time.