Friday, 20th November 2009

 

12 November 2008 - David Bain

Edmond de Rothschild to fully integrate wealth subsidiary

Banque Privee Edmond de Rothschild said it plans to fully integrate its Geneva-based wealth management subsidiary Arbinter-Omnivalor into its Swiss business.

Edmond de Rothschild currently owns around 80% of Arbinter, which is run by Luc Baatard. The Geneva-based bank said in a statement that it would acquire the remaining part of the business that it does not own and integrate all staff into its operations.

Last year, Arbinter recorded a net profit of SFr7.4m, up 13.9% from the year before, according to Edmond de Rothschild’s latest annual report.

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Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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