Private banking jobs go, Citi wins dismissal, Commerzbank probed

Union Bancaire Privee plans to cut around 300 jobs from the international private banking arm of Lloyds Banking Group which it just bought, three sources familiar with the matter said.

Geneva-based UBP's purchase of the unit from the bailed-out British lender added 7.2 billion pounds in assets and 500 staff in branches in Geneva, Zurich, Monaco and Gibraltar.

Finally, Bloomberg reports that Commerzbank is being investigated by Switzerland’s market regulator over the possible breach of reporting obligations for two structured products.

Citigroup won dismissal of a Hong Kong lawsuit by former private banking client Natamon Protpakorn seeking $17.9m for damages from currency bets liquidated when the bank closed her positions.

Citigroup had 'good reason' to be concerned about the sources of Natamon’s wealth, High Court Judge Jonathan Harris said in the judgment delivered Friday. Such concerns 'might reasonably be expected to cause it to wish to close her account', he said.

SIX Exchange Regulation is seeking to determine whether Commerzbank was late in submitting interest-rate fixings for two floating reverse convertibles traded on the Scoach Switzerland index, the Zurich-based watchdog said in a statement on its website Friday.

Citigroup had 'good reason' to be concerned about the sources of Natamon’s wealth, High Court Judge Jonathan Harris said in the judgment delivered Friday. Such concerns 'might reasonably be expected to cause it to wish to close her account', he said.

Citigroup won dismissal of a Hong Kong lawsuit by former private banking client Natamon Protpakorn seeking $17.9 million for damages from currency bets liquidated when the bank closed her positions.

UBP to shed 300 jobs after Lloyds unit purchase - sources

Commerzbank Probed for Possible Swiss Reporting Breach

Citigroup Wins Dismissal of Ex-Client’s Forex Bets Claim

 

JefferiesAnd the Best Place to Work in the global financial markets 2016 is...

Register for Financial Markets News Alerts