A reduced cost base has enabled EFG International to save CHF 50 million pre-tax, the firm has announced.
The saving was a result of job cuts, with the number of full-time employees falling to 3,364 by the end of October, a decline or more than 10%.
In a press release from November 2016 about the completion of the operational integration of BSI, the private bank stated it previously had around 3,800 employees including those from the Luganese bank.
The team of client relationship officers has also shrunk as a result of the integration of BSI, and now includes 653 members, which includes 11 new hires for targeted markets.
The BSI business is expected to be fully incorporated into EFG International before the end of the year.
Once the process is complete, the firm expect to gain an additional CHF 240 million of targeted cost synergies as the combined bank will operate with a single IT system.
EFG International has seen CHF 0.5 billion of inflows since July. This excludes the closing of the acquisition of UBI Banca International (Luxembourg).
However, part of the outflows are expected to continue into the first quarter of 2018.
Targeting the Italian market
EFG International also announced earlier this week it will maintain its presence in Italy, as Banca d’Italia decided to remove its restrictive order and dismissed its administrative proceedings relating to the former BSI offices in Italy.
The private bank will maintain its office in Milan and plans to grow its Italian domestic business, which one of its strategic markets.
The full 2017 results and annual report of EFG International will be released in February 2018.