HypoVereinsbank, Germany’s second largest bank in terms of market capitalisation, will not be cutting private banking jobs as part of its pl...

HypoVereinsbank, Germany’s second largest bank in terms of market capitalisation, will not be cutting private banking jobs as part of its plans to restructure and lay off more than 2000 employees. A spokesman for the bank told WealthBriefing that none of the cuts would effect the private banking part of the business. “These are all in difference divisions. We consider private banking one of the major growth areas for the bank and are adding resources,” said the spokesman. The Munich-based bank has been particularly active in the premier banking area in recent months and has introduced a “HVB Premium” account, which aggregates many wealth management functions such as banking, insurance and pensions. A new customer magazine has been launched and a premium credit card, similar to the American Express “Black” card has been introduced. HVB has also increased its profile in the ultra-high net worth market through its private wealth management business. “We are in the process of developing this segment and will be unveiling further developments in the near future,” said the spokesman.