27/10/2016
Notenstein announces layoffs
p { margin-bottom: 0.25cm; line-height: 120%; } The Swiss private bank Notenstein La Roche, an affiliate of the Raiffeisen group, is enacting measures to increase its profitability. A reduction in personnel to about 400, down from about 500 currently, is planned by the beginning of 2019. After announcing a simplification to the organizational structure and a reduction in the size of its executive board, the private bank is planning to improve profitability by reducing costs and increasing revenues, according to a statement released on 26 October. In terms of costs, the reduction targeted will total 20%, half of which will come from expenses and the other half from personnel costs. The Swiss firm is also planning to increase its base revenue by 15% through proceeds from the principal activity. In terms of product offerings, starting from the end of 2017, the private bank will take over administration of all wealth management mandates for the Raiffeisen group. All measures will be taken by the beginning of 2019, and the cost/income ratio will then fall beneath 70%, a statement says. Notenstein La Roche, present in 13 Swiss cities, has assets under management totalling nearly CHF21bn, according to its own statements.
