Finance
Swiss Bank Mirabaud Shuts Brokerage Unit on Poor Performance
- Firm to focus on wealth, asset management, corporate finance
- Decision impacts 17 jobs in Switzerland, UK and Spain
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Mirabaud & Cie SA closed its brokerage arm last month as part of a strategic overhaul that would see the Swiss bank focusing on its core services including wealth and asset management, as well as corporate finance.
Poor performance of the unit contributed to the decision, people familiar with the matter said, asking not to be identified discussing internal information. As a result, fixed income and equities brokerage as well as research coverage of public companies will no longer be active.