ZURICH Feb 21 Bank am Bellevue Chief
Executive Serge Monnerat resigned on Tuesday as the Swiss bank's
parent company announced the closure of the unit's brokerage and
corporate finance activities on grounds that a revenue erosion
The bank, part of Zurich-based Bellevue Group AG, said in a
statement that restructuring that includes 25 job cuts would be
completed by mid-2017 and could result in a one-off charge of
between 3 million and 5 million Swiss francs ($4.96 million).
Among other factors, Bellevue Group blamed margin pressure
and increasing regulatory and technological requirements within
the brokerage and corporate finance activities as factors for
the decision to shutter them.
It is now staking its future on developing Bank am
Bellevue's business for entrepreneurial private clients and the
group's strategic focus on asset and wealth management.
"The brokerage and corporate finance activities can no
longer be conducted in an economically viable way," Bellevue
Group said in the statement. "The development of the recently
launched wealth management business for entrepreneurial private
clients will proceed as planned."
Andre Rueegg, the CEO of Bellevue Group, will become CEO of
Bank am Bellevue on an interim basis.
($1 = 1.0081 Swiss francs)
(Reporting by John Miller)