Bank Edmond de Rothschild is cutting about 20 jobs in Geneva, according to a report by «Tribune de Genève» (behind paywall). Employees affected work in the trading division and back office. A spokesman in Paris confirmed to the newspaper that the bank was cutting jobs in Geneva.

The restructuring is part of its overall convergence strategy initiated three years ago. Orders from clients no longer are executed in Geneva, but by the trading unit of the bank in Paris.

Some of the staff affected by the cuts in Geneva have been offered jobs in Paris, others will go into early retirement.