The bank said it is taking steps to address the “challenging environment” in Switzerland's financial sector.

Notenstein La Roche will cut around 100 jobs by 2019 as part of a shake-up that will also see the bank take over management of wealth management business from parent Raiffeisen Group.

The St Gallen-headquartered bank employs around 500 people across 13 branches in Switzerland. In a bid to enhance profitability, it plans to cut costs by 20 per cent, with half of these savings to be made in general and administrative expenses and the remaining half in staffing expenses.

Additionally, the bank will revamp its IT platform next summer as it moves in the direction of digitalisation and automation, it said, adding that staffing levels will be tweaked accordingly.

Notenstein La Roche, which manages assets of around SFr21 billion ($21 billion), aims to increase its earnings base by 15 per cent and have a cost-income ratio below 70 per cent by the beginning of 2019.

“With these measures, Notenstein La Roche is laying the foundations for continued growth and for strategic further development within the Raiffeisen Group,” Patrik Gisel, chief executive of the Raiffeisen Group and chairman of the board of directors of Notenstein La Roche, said in a statement.

“As part of our diversification strategy, the services of the private bank will mesh more intensively and more effectively in the future with those of Raiffeisen Switzerland, so that we can offer our clients ideal advisory services for their assets and investments, at every stage in their lives.”