ZURICH (Reuters) - Swiss private bank Vontobel (VONN.S) could cut up to a third of the workforce at Notenstein La Roche after it completed the takeover of its smaller rival.
Vontobel could cut up to 140 of the 400 positions at Notenstein, a Vontobel spokeswoman said, confirming a report which appeared in Swiss newspaper Tages-Anzeiger on Thursday. The cuts would affect jobs in IT as well as other back office functions.
Vontobel said it May it was buying Notenstein La Roche for 700 million Swiss francs (532.8 million pounds) from Raiffeisen, [RFSHW.UL] the first in what could be a new wave of consolidation in the private banking sector.
Reporting by Oliver Hirt, writing by John Revill. Editing by Jane Merriman