ZURICH/GENEVA, July 4 (Reuters) - Union Bancaire Privee (UBP) plans to cut around 300 jobs from the international private banking arm of Lloyds Banking Group Plc which it just bought, three sources familiar with the matter said.
Geneva-based UBP’s purchse of the unit from the bailed-out British lender added 7.2 billion pounds in assets and 500 staff in branches in Geneva, Zurich, Monaco and Gibraltar.
Other recent acquisitions include ABN AMRO’s Swiss private banking arm, Paris-based asset manager Nexar and a portfolio of assets from Spanish bank Santander’s Swiss asset management arm.
UBP’s revenue fell 9 percent in 2012 despite an 8 billion Swiss franc ($8.43 billion) rise in assets under management.
Asked about the planned redundancies, UBP spokesman Jerome Koechlin said in an emailed response to Reuters: “There will be synergies but it is premature to provide any figure at this stage.”
One of the sources said that employees working on accounts of “ultra high net worth” individuals - generally clients with $25 million or more in liquid assets - would be ringfenced.
Private banks have become more focused on courting mega-rich clients in recent years because of their potential to help boost revenues faster.