The American bank's head of wealth management in Zurich is departing, finews.com has learned. The move comes as J.P. Morgan quietly restarts job cuts paused at the onset of the pandemic.
Cindy Eicher-Battistini, J.P. Morgan's head of private banking in Zurich, is leaving, two sources familiar with the matter told finews.com. An experienced super-rich banker, Eicher-Battistini is leaving the U.S. bank of her own accord after four years, both of the people said.
The move comes alongside dismissal of as many as 140 employees, as finews.com reported exclusively in March. J.P. Morgan had halted the program, hammered out and agreed with union representatives in March, after the pandemic hit. The bank is now proceeding with those cuts, two people said – though it now plans to let go only 70 people, according to one person.
Committed to Swiss Market
The cuts will mainly take place in Geneva, where J.P. Morgan employs roughly 1,000 people. The program has already claimed a prominent victim: Viviane Sauter (pictured below). Sauter, a senior advisor in the ultra-high net worth team overseen by Eicher-Battistini, confirmed her exit to finews.com, without elaborating.
The firm's top Swiss private banker, Matteo Gianini, said J.P. Morgan's commitment to Switzerland is unwavering, in a statement. The bank continues to hire private bankers, Gianini said.
