Union Bancaire Privee, the Geneva-based private bank and asset manager that’s acquiring Coutts International, plans to eliminate 60 to 100 of 400 Coutts employees in Switzerland, according to a person with knowledge of the matter.
UBP intends to cut 10 to 20 jobs at the combined businesses in the United Arab Emirates as it integrates units it agreed to purchase from Royal Bank of Scotland Group Plc in March, according to the person, who asked not to be named as the plans haven’t been disclosed publicly.
An official at UBP confirmed the information.
UBP has said it expects to absorb 60 to 70 percent of the 32 billion Swiss francs ($34 billion) of client assets under management at Coutts, at locations such as Switzerland, Monaco, Dubai, Abu Dhabi, Singapore and Hong Kong.
UBP will only pay for the client assets it successfully transfers, the company has said previously. The agreement to acquire Coutts, completed in March, didn’t include Coutts’s private bank in the U.K.