Baumann & Cie has trimmed its workforce following the departure of one of its partners, but insists the move will strengthen the Swiss private bank in the long run. 

Baumann partner Matthias Preiswerk promised to «tell the inside story» in the latest client letter from the Basel-based private bank: Since last summer, the partner-led bank has been working on «Focus», a strategy overhaul of its business.

The review has hit Baumann's headcount, as the bank confirmed for the first time. «The implementation of various measures wasn't without consequences for our personnel», the partners wrote. Baumann said it let go several staff who «wouldn't or couldn't support» its new strategy.

New Partner Roles

The bank said «Focus» aims to link up its daily business with new technology, a move which has substantially sped up the pace of workflow for Baumann's 60 employees. «As a result, we had to let go of five employees in compliance, processing, and information technology, partly with early retirement schemes», Preiswerk told finews.com.

He insists the move isn't just cost-cutting: «The jobs will be filled again, and the team as a whole will be expanded», Preiswerk said, adding that the Zurich and Olten will benefit.

He also shined a light on the departure of partner Rolf Buehler late last year. The two remaining partners, Preiswerk and Daniel Rueedi, have bought out Buehler's share of the limited partnership. «We redefined the partner roles as well in the context of the 'Focus' program, which became necessary following the exit of Rolf Buehler», Preiswerk said.

Stay «Banquier Privé»

The program won't touch the legal form of Baumann, which is among just six truly «banquier privé» firms remaining in Switzerland, in which the partners vouch for the bank's solvency with their personal funds.

Last year, the bank posted a profit of 17.5 million Swiss francs ($17.6 million), nearly one-third higher than the previous year. The new strategy will help to defend the revenue in future, Preiswerk said. «The goal is ultimately to maintain the bank's independence.»