Geneva Bank UBP Cut 100 Jobs in ABN Amro Integration

Union Bancaire Privee, the Geneva- based wealth manager founded by Edgar de Picciotto, cut about 100 jobs after buying ABN Amro Bank NV’s Swiss private-banking business last year.

“UBP is reducing staff mainly at operations level in information technology” as part of its integration plan, the firm said today in an e-mailed statement, adding that most of the jobs affected are in Zurich.

UBP had client assets of 72 billion Swiss francs ($75.6 billion) at the end of last year following the acquisition of ABN Amro’s Swiss unit. UBP in February agreed to buy Nexar Capital Group, an alternative investment manager based in Paris and New York with about $3 billion of assets under management.

To contact the reporter on this story: Giles Broom in Geneva at gbroom@bloomberg.net

To contact the editor responsible for this story: Frank Connelly at fconnelly@bloomberg.net

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