Bank Pictet, the private bank based in Geneva, has decided to relocate about one hundred jobs in the back office abroad, joining bigger rivals who took the unpopular step years ago.
On Friday, Pictet said it had a smaller full-year profit last year than in 2014. The private bank is now acting swiftly to turn the tide: Pictet will move about 100 jobs from Switzerland to Luxembourg, Singapore and Hong Kong through 2020, Swiss daily «L'Agéfi» reported today.
With its first ever relocation of jobs, Pictet is joining the big Swiss banks in their attempts to cut back on costs. For years, the private bank held back when banks such as Credit Suisse and UBS moved thousands of jobs to countries such as Poland and India.
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No more. Jacques de Saussure, a partner at the bank, on Thursday informed the employees affected by the decision in the middle and back offices of Pictet. By all measures, Pictet's isn't a sweeping move and clear-out. Most of the bank's 3,900 employees still work in Switzerland, with 2,200 based in Geneva alone.
Pictet aims to strengthen the markets it has identified as having the greatest potential for growth. The employees who don't want to move to Luxembourg or Asia won't have to and will be able to move to different jobs within the bank, «L'Agéfi» said. The bank doesn't intend to lay off any employees.
