Swiss private bank
Notenstein La Roche cuts jobs in revamp
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[October 26, 2016]
ZURICH (Reuters) - Swiss
private bank Notenstein La Roche will cut staff by a
fifth, or about 100 jobs, by 2019 as part of a revamp
that will also see it take over wealth management
business from other parts of parent Raiffeisen group, it
said on Wednesday. |
![](../images/102616pics/busine37.jpg)
The logo of Notenstein La Roche Private Bank AG is seen
in front of a branch in Zurich, Switzerland April 5,
2016. REUTERS/Arnd Wiegmann - RTSDT7Y |
Citing challenging conditions for the Swiss financial center, it
said it aimed to slash costs by 20 percent, half of which will
come from the personnel measures. Operating income at its core
business was set to rise by 15 percent thanks to the
streamlining drive.
"All measures should be implemented by early 2019 and a
cost-income ratio of below 70 percent achieved," it said.
The St Gallen, Switzerland-based bank said it would renew its IT
platform by mid-2017 to promote digitalisation and automation.
(Corrects first paragraph to show bank to assume wealth
management business, not shift it to other parts of group)
(Reporting by Michael Shields and Angelika Gruber)
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