Swiss private bank Notenstein La Roche cuts jobs in revamp

October 26, 2016 2:43 AM EDT

The logo of Notenstein La Roche Private Bank AG is seen in front of a branch in Zurich, Switzerland April 5, 2016. REUTERS/Arnd Wiegmann - RTSDT7Y

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ZURICH (Reuters) - Swiss private bank Notenstein La Roche will cut staff by a fifth, or about 100 jobs, by 2019 as part of a revamp that will also see it take over wealth management business from other parts of parent Raiffeisen group, it said on Wednesday.

Citing challenging conditions for the Swiss financial center, it said it aimed to slash costs by 20 percent, half of which will come from the personnel measures. Operating income at its core business was set to rise by 15 percent thanks to the streamlining drive.

"All measures should be implemented by early 2019 and a cost-income ratio of below 70 percent achieved," it said.

The St Gallen, Switzerland-based bank said it would renew its IT platform by mid-2017 to promote digitalisation and automation.

(Corrects first paragraph to show bank to assume wealth management business, not shift it to other parts of group)

(Reporting by Michael Shields and Angelika Gruber)

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