Ihag Privatbank will slash one-fifth of its staff after a swinging to a full-year net loss and bleeding assets.
The Zurich-based private bank last year began pulling out of offshore markets which had become more cumbersome and less profitable or loss-making following the fall of banking secrecy – something most of its larger rivals did years before.
This strategic overhaul sparked withdrawals of client assets at the wealth manager, founded in 1949 by Emil George Buehrle, a weapons manufacturer and noted art patron. As a result, Ihag is now cutting jobs as well: roughly 20 in coming weeks, it said in an emailed statement on Friday.
Withstanding Corona
CEO Daniel Lipp said «We're a healthily capitalized bank with a solid client base. The measures we are implementing arm to fit our structure to the new strategy. Unfortunately, we cannot avoid job cuts.»
In March, Lipp had emphasized that Ihag was strong enough to withstand the pandemic, operationally and in terms of its staffing. The precise number of dismissals is to be decided following a consultation round with employee lobbies. The bank currently employs 113 people, 27 in part-time roles.
Ihag is majority-owned by Buehrle's grandson, Gratian Anda. The 51-year-old owns 80 percent of Ihag's stock while cousin Carol Franz-Buehrle holds the remaining 20 percent.
