Swiss private bank Clariden Leu, a subsidiary of Credit Suisse, is to cut  up to 100 jobs after seeing its profits fall by almost two-thirds last year, according to European news reports.

German daily Der Blick has reported that the bank will cut 100 staff from its total headcount of 1,700, and that these losses will be concentrated in Zurich and Geneva. Meanwhile other news services have said they have obtained confirmation that job cuts will take place, but the numbers involved remain unconfirmed.

When contacted by WealthBriefing, a spokesperson for the bank declined to comment on the matter.

Earlier this month, Clariden Leu reported a net profit of SFr212 million ($181.8 million) for 2008, tumbling from SFr626 million in the previous year, while its net revenues fell by 21 per cent over the year to SFr1.4 billion.

The bank said its decline in revenues was caused by lower transaction volumes, reduced product business due to the changed market conditions, and a fall in volume-based commissions.

Clariden Leu said extraordinary provisions and losses – particularly in relation to the close-out of a client's position in Asia of SFr190 million – hit its profits, as did weaker market conditions.

Client assets under management fell to SFr94 billion, caused by a net outflow of SFr1.1 billion. The inflow of new assets in the private banking business, though encouraging, could not compensate for the deleveraging and the developments in asset management, the bank said.