State governments have control over land, water and electricity, making them essential to attracting investment.
A source said the bank is expected to slash about 1,000 positions, with redundant employees to be notified by the end of next month.
The series, whose commercial partners include French carmaker Renault and tyre company Michelin, races in cities across the globe and completed its first season in June this year.
Swiss wealth adviser Vontobel – under the lead of chief executive Zeno Staub – has acted decisively to buy, and hire, investment talent.
A number of disillusioned fund groups, including Schroders and M&G, appear to have lost patience and faith in their trade body.