Vontobel rejects up to 140 people | News, analysis and recommendations on brokerage firms | Corporate Finance

At the beginning of the month, Vontobel ( VONN 72.05 -0.21% ) completed the acquisition of the subsidiary Raiffeisen Notenstein La Roche for around CHF 700 million. Now, it is clear how many employees of the private bank should be taken care of. 260 Notenstein employees move to Vontobel, including client advisers. Up to 140 employees must look for a new job. This is confirmed by a Vontobel spokesman on "Finanz und Wirtschaft", the "Tages-Anzeiger" reported earlier in his current issue.

Employees to lay off are average and back office employees. During the employee evaluation rounds in Bern, St. Gallen and Zurich, Vontobel informed participants of the following process on Tuesday and Wednesday. According to the spokesman, the consultation process is planned until the end of August, by which time all employees should be informed in writing of their future in Vontobel

Raiffeisen-IT assigned

meanwhile, Vontobel Employee and has a hiring gel for the middle and back office of the asset manager. Open positions should first be filled with people from Notenstein. In addition to Vontobel, Raiffeisen, the Avaloq banking software company and their joint venture Arizon are also affiliated to the labor market.

Layoffs are also planned for the former mother of Notenstein. As a spokesman for Raiffeisen told "FuW", a two-digit number of employees is affected. These are primarily computer jobs at Raiffeisen and Arizon, who worked on Notestein.

Already profitable in 2019

At the end of the third quarter, the integration of Notenstein to the migration of Systems on the platform Vontobel. Vontobel estimates integration costs at CHF 50 million, half of which will be accounted for in 2018 and 2019 respectively. The acquired companies should contribute to the benefit of Vontobel as early as 2019.

Thus, the name Notenstein La Roche ( ROG 224.55 0.18% ) will disappear. This is the end of the remains of the oldest bank in Switzerland. In 2012, Raiffeisen Notenstein bought out Wegelin lost in the US tax litigation, but the rescuer was a bad owner. It is also the end of the oldest bank in Basel. La Roche has been present since 1787. During its last full financial year, Notenstein La Roche achieved a turnover of CHF 170 million and a profit of CHF 23.3 million on assets under management of CHF 16 million. 8 billion.