Union Bancaire Privee
UBP's job cuts come a little more than two months after the bank bought the Swiss operations of ABN Amro, an attempt to shore up its dwindling asset base. With the deal, UBP bought 11 billion euros (10 billion pounds) in client assets, and added 350 staff.
UBP spokesman Jerome Koechlin confirmed the bank is adjusting headcount but didn't comment on specific details.
UBP has struggled to recover from the Madoff trading scandal, which ultimately cost the bank about $500 million to settle for its role as a so-called feeder fund.
The hit to UBP's reputation was even more serious, causing untold client outflows despite a dramatic scaling back of its fund-of-fund business in the wake of the Madoff scandal.
UBP's job cuts, which are expected to focus on back-office, support and marketing functions, are emblematic of cuts across the private banking industry.
Swiss private banks with a high proportion of costs have struggled as the Swiss franc remains persistently strong against other major currencies such as the euro and the US dollar, while market volatility has kept clients from trading more heavily, in turn pressuring commissions.
On Tuesday, Credit Suisse said it wanted to slash 800 million Swiss francs of spending from its private bank by 2014, in part through job cuts. Experts expect the beleaguered private banking industry to undergo a period of consolidation, as smaller players flee to the safety of larger banks to survive.
(Reporting by Pascal Schmuck and Katharina Bart; Editing by Jon Loades-Carter)